December 1st, 2014 11:08 AM by Korene L Clopine-Seaman
12/1/14
Real estate trends in Phoenix in 2014 and projected 2015
The rates at which houses are sold in Phoenix have increased. There was a fall in the number of days it took to sell a house to 84 days in September as compared to 88 days in the previous month.
As per the National Housing Report published by Realtor.com, the median list price of houses was $259,900 during October 2014, which had seen a rise of 9.2% as compared to the previous year and a rise of 2.3% as compared to the previous month.
The total number of listed houses during October 2014 was 18,979 which saw a fall by 3.9% as compared to the previous year and a rise of 1% as compared to the previous month.
The median age of inventory had risen by 18% from the previous year and decreased by 10.6% from the previous month to 59 days.
The number of adults in Phoenix area living with room-mates or family is slightly above 33%.
The new permits granted during September 2014 rose by 20% as compared to the previous year and stood at 1138 permits.
The average home sale price during October 2014 was $248,047
which rose by 2.54% as compared to the previous year.
There was a rise of 2.45% in the total housing units sold in October 2014 as compared to the housing units sold in the same month in the previous year. The total number of housing units sold in October 2014 stood at 6,186 units.
The real estate market in Phoenix is steadily recovering. It is estimated that it will still take a couple of years to reach its prime. Job growth and higher employment will help as will credit availability.
The last 5 years have not seen a lot of significant new developments. With the new policies for credit implemented, the builder are seeing gains and are slowly re-entering the market. It is estimated that the number of permits given in 2015 will increase by 9.6% on a year-on-year basis to 22,578 units.