Now that a new year is beginning you may be wondering what's going on with the real estate market in Phoenix? Well, it seems to be a very stagnent one. Supply and demand seem to be at a balance. The only problem is that they are both weak. There isn't much demand but that's balanced out by few listings on the market. Just today alone 222 listings cut their price to try and entice buyers. Sellers are hoping to compete on price in order to stimulate the demand.
Many of the cash buyers and investors have up and left which partially means our home prices aren't the bargain they once were thanks to fewer distressed properties. In December there were more residential transactions involving loans than any month since November 2008. According to the Cromford Report cash purchases were down to 25.7% last month compared to December 2012 at 35.5%.
As I mentioned the overall market is neutral but from a sellers perspective there are still some areas that are improving but also some that are deteriorating. See the list below:
Improving:
Chandler, Anthem, Cave Creek, Avondale, Tolleson and Fountain Hills
Deteriorating:
El Mirage, Peoria, Arizona City, Sun City West and Apache Junction
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