Arizona Real Estate is Heating Up!

March 3, 2015 at 2:51 pm Leave a comment

by: Maria Hass

The Arizona real estate market is really heating up. Real estate publication The Cromford Report shows an increase 30.5 percent in pending or under contract homes in February 2015, compared to January 2015.

The increase is due to the strong demand from buyers waiting to get in on the market following the holidays. New listings remained slow to come by. If the increased demand continues and supply of homes remains low, prices will continue to rise.

Monthly Average Sales Price Per Square Foot was up 4.2 percent this year compared to last year, at $130.87 versus $125.54.

The largest increase in sales over the last year is found in the $100,000 to $224,999. This is clearly prime first-time home buyer territory. There is also improvement up to the $799,999 price range. In the case of high-end market homes above $1,000,000, there is far more supply than demand.

Arizona continues to attract local, out-of-state and international buyers from Canada and China due to its robust infrastructure, diversity and business and employment opportunities. Metro Phoenix was also named by Realtor Magazine as among the top 10 growing real estate markets for 2015 – a prediction that is fast becoming a reality.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Phoenix Real Estate. Tags: , .

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