As we head into the year’s end I thought it would be good to recap the Maricopa County, Arizona market and see some interesting numbers. The graph is annual appreciation rates based on $/sf. All of the data below was taken from the Cromford Report, which is available through ARMLS as Realtors. The run up and down show how the real estate market has given back 2 sets of gains so far, resulting in a double bottom that most industry experts have been calling for. What still leaves to be seen is how far will the 2nd bottom will go? We have already eclipsed the previous lows, and with the latest give backs from the home buying credit, compiled with no new incentives on the horizon, we are not sure where this will take us.
The next snap shot shows us that the market isn’t getting any better in Maricopa County. Pricing is down, DOM are flat, sales per month are down.
So where is the good news in all this mess? The best news I can see is that Short Sales are going to be around in 2011 as well. This for some might not be good news. For us that are doing Short Sales on purpose, it shows us that the past three years should pay bigger dividends in 2011. So continue to focus on the basics, take care of your clients, both past and current. Work your referral base, continue market to new clients and most of all, let everyone you know, that you do Short Sales on purpose.
Wishing everyone a very Merry Christmas and Happy New Year, and thanks for reading!