By Jonathan Bodeen · 5 December 2016
Realtor.com just released their national real estate forecast for 2017 and it comes with great news for the Phoenix Metropolitan Area!
It turns out that of all metro areas in the U.S., Phoenix is projected to have the greatest growth in total sales volume. They are also predicting an appreciation of 5.94%. This is in line with what we have been feeling here in the trenches. Usually the Holidays are a slow spot for us, but interestingly we have had the busiest holiday season that we have had in a long time, maybe ever!
We believe this will translate into a strong spring, which is usually the busiest time of year for us. Over at the CromfordReport.com, a very reliable real estate data website, an increase in demand over this time last has been measured at about 16%. To add to this, the inventory is slightly lower than this time last year as well.
At the same time we don’t want to be too optimistic in our projections. We feel that the Phoenix market continues to be very healthy, and even though it’s beginning to show signs of greater price increases and greater overall volume, we are still looking at what may be considered moderate gains historically. On the other hand, this is really for the best. Gains too sharp could be signs of another bubble, and while this is a danger in many metropolitan cities according to some, it seems Phoenix is behaving in a much more balanced fashion overall.
Casa Grande a Prime Investment Opportunity?
Do a quick MLS search in Casa Grande and you’ll notice you can buy starter home in relatively good condition for not much more than a hundred grand. Of course there is a reason for that… who wants to live in Casa Grande?
Well surprise, at least 2,000 more jobs will be opening up soon since our governor recently brokered a deal for a newer electric car company to begin manufacturing cars there. These jobs are likely to create more jobs, and more jobs means more people who need houses, either to rent or buy.
Could this be a good time to get in on a market that could before long be experiencing a housing shortage? We think maybe so.
Market data referenced in this article comes from The Cromford Report.