Scottsdale Real Estate Market Update
According to a recent article from The Arizona Republic, data shows that the residential real estate market in the Valley is overcoming the recession.
The building market is beginning to pick back up as the supply of new homes is decreasing. The increase in the amount of people purchasing new homes can be directly related to the recent legislation Congress passed which expands the credit limit to current home owners purchasing a new home.
In 2009 to date, 7,200 construction-ready home lots have sold in the metropolitan Phoenix area.
Approximately 42 percent of those sold were bought by homebuilders who plan on quickly turning them over to individuals and families.
Nearly 25 percent of new home developments in Phoenix are expected to be purchased within the next six months. One factor that affects this statistic is the fact that the average price of a new home fell about 15 percent in the past year.
Furthermore, the Phoenix housing market bottomed-out in April according to The Arizona Republic article. Looking at these current data trends, it’s possible that the housing market will see positive appreciation rates as early as March.
One piece of data that may surprise some people — November 2009 was the second-best November for home sales in Phoenix history. November 2004 came in first. Meanwhile, both foreclosures and pre-foreclosures fell in Phoenix during November.
Purchasing a home is a big decision with many factors to consider before signing on the dotted line. Recent data reveals now is a good time to buy, as well as build. Sereno Canyon is a secluded North Scottsdale, Arizona gated community offering estate-sized homesites averaging an expansive 2.5 acres in size. Take an online tour of the community today or schedule an in-person tour and discover the desert paradise that is Sereno Canyon.
