— The Phoenix-area real estate market is poised for a big rebound after a four-month hiatus, and there’s good reason to be optimistic about the market as the summer holiday shopping season approaches.
While the stock market has already started its slow climb back to normal, there’s still plenty of opportunity for real estate sales in the Phoenix metro area.
The median home price in the metro area has dropped 7.4% to $3,086,000, and the median house price per square foot dropped 3.3% to an all-time high of $2,963.
That means Phoenix is poised to post a solid return on its investment.
While a significant portion of Phoenix’s metro area is still experiencing some of the worst housing market conditions since the Great Recession, there are signs that the city is beginning to recover from its housing bust.
Phoenix experienced a surge in home sales during the holiday season and it’s likely that the market will pick up after the holiday shopping period.
Phoenix’s median house prices are expected to rebound in 2018 after a dip of 3.7% in 2017, according to Zillow.
Phoenix home sales were up 7.5% in 2018, up from a 6.7-percent increase the previous year.
In fact, home sales increased more than 7% in Phoenix during the holidays in 2018.
Phoenix has seen a strong start to the year and is forecast to post the best start to a new year since 2006, according a study by The Realtor.
This year’s market is forecasted to average between a 2.5 and 3.5 percent increase in home price and a 4.5-percent drop in median house sale price, according the study.
While Phoenix’s market continues to rebound, there still remains some lingering concerns.
Phoenix’s unemployment rate remains stubbornly high, and that is a key reason why so many people in the city are hesitant to sell their homes.
Phoenix Mayor Greg Stanton, who has been outspoken in his desire to get Phoenix back on track, has made some big promises during the current economic downturn.
Stanton has said that he wants to see Phoenix to be a “hotbed” for new job creation.
“The city is on track to exceed its goals in terms of new construction, according (to Zillows), and has recently approved a new tax on real estate transactions to help fund the City’s efforts to promote job growth,” the study reads.
“Additionally, Stanton is committed to building affordable housing and investing in the local economy.”
While Phoenix continues to benefit from the recent uptick in home values, there is still much to be excited about.
Phoenix, Arizona, is located in the central region of Arizona, which is home to more than 2.4 million people.
In the last decade, the area has experienced a massive growth of jobs, which has helped to fuel a resurgence of the local real estate industry.
The average price of a home in Phoenix in 2018 is expected to average $2.9 million, according Zillower, which means that home prices are currently rising at an average annual rate of 3% over the last three years.
In 2018, the average home price was $1,049,000.
While home sales in Phoenix are up by more than 4% from last year, sales have slowed down since the start of the year due to the downturn in the housing market.
The Phoenix area’s recovery is also supported by the recent expansion of the city’s transit system.
According to The Realty Institute, Phoenix has experienced an estimated 1.2 million new home sales and an average $1.2 billion investment in transit projects since the beginning of the Great Depression.
In addition to the home market, the real estate sector is also thriving.
In 2017, Phoenix saw nearly $1 billion in sales from retail, office and institutional properties.
The number of new condo and townhouses has also increased significantly, from 3,819 to 5,926, and new homes are currently being constructed in Phoenix every week.
Phoenix is also a key transit hub for Phoenix, which provides direct service to more areas than any other metro area in the country.
During the holiday sales season, transit ridership was up almost 6% to about 12.4 billion trips per year.
While there are still concerns about the current housing market, it’s clear that the Phoenix area is starting to pick up.
In terms of the national recovery, the region is expected at least to see a slight boost in home prices this year.