Phoenix – North West Valley Market is About to Ignite

Pending Home Sale Rise Rise In January and February to the Highest Level in 18 Months

For Sale Sign Photo RIS Media and National Association of Realtors are showing that the January 2015 “Pending Home Sale Index” is the highest level since August of 2013 with some of the lowest inventories in a decade.  Economist Lawrence Yun for the NAR states “Buyers have overcome the low inventory or supplies of homes to purchase properties at a historical rate in January of 2015”.

The West and South out paced the Midwest and Northeast Regions.  The increases in Pending Home Sale rose in the South by 3.2% and in the West by 2.2% or up to 11% for the past 12 months (January of 2014).  In the Northeast and the Midwest the increase was less than 1% for January of 2015 and for the past 12 months they were up 6.9% and 4.2% or a weighted average of 5.5% of those 2 regions.

So why is the Phoenix – Northwest Valley Market Going to Ignite in 2015? 

Now That is a Very Good Question to Consider?

PHX Infograph 3.15The Phoenix and Northwest Valley’s inventory is historically low but improving since the last quarter of 2014 and we are about to see the Millennial Buyers (30 Somethings) and those who have been in the “Penalty Box” after short sales and foreclosures in 2009 to 2011 coming back are “Re-Bound” Buyers in 2015.  The appreciation in 2012 and 2013 was in the 20% range each year but in 2014 it has settled down to 5% or below in most area of Phoenix and the Northwest Valley Housing Market.

Now with larger than normal Pending Sales in the Phoenix and Northwest Housing Market in 2015 the shortage of available home may continue but we will have many more Buyers in the Market in 2015.  As price of “Homes For Sale” rise from the low supply to a higher demand we could easily see 10% increase of home prices by Summer or the Fall of 2015.  This phenomenon is happening due to increased Buyers in the market place, improving credit conditions, more jobs and the slower price growth in 2014 than in 2012/2013 period.

To learn more visit the full article on RIS Media

For individual assistance and more about the Phoenix and North West Valley Housing Market is about to Ignite give me a call at 623 428 9490 or email DSeargent@cox.

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