Phoenix unemployment has dropped below the national average of 8.2%. We were 8.8% and now we are 7.7%.
At our lowest point, San Tan Valley had 3200 homes for sale in March of 2008 and only 100 homes selling each month. That was a 32 month inventory and the highest and longest in the state. Today we have less than 430 homes for sale and are closing 900 homes per month. That is a 2 week inventory! San Tan Valley now has the lowest fastest moving inventory in Arizona!
Most forecasting firms like Realtor.com and Zillow predict prices in the Phoenix area to climb a mere 2.5%, the southeast valley has already done twice these numbers since the beginning of 2012. Most of the time these two sources are as much as 6 months behind the market!
I see 2012 to be a great year to make a move into the real estate market for first time buyers. It is also a very good time for buyers thinking of a move up! Record low interest rates and record low prices mean you will never be able buy like this again! If you own a home and want to rent it and buy a larger home you will save at ½ priced homes.
Homes in the San Tan Valley are sometimes selling at as much as ½ the prices to build.