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From a practical standpoint, it has been very productive in the market. The luxury client is back in the market looking for the best possible opportunities and in many cases paying cash to purchase. The lower markets are attracting investor purchases which is creating a multiple offer scenario to resurface in the marketplace. In any price range, the number of great homes is slim so if you are serious about making a purchase it’s wise to look for the right house but make a swift decision if you really want it.

Click here to download a PDF of the Stat+ Plus report or contact us for a personal consultation about the state of the real estate market in Arizona.

Written by Alisha Collinson

Experience Architectural History as the Doors Open This Week
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Why not get out and enjoy the first days of spring this year with Modern Phoenix’s home tour beginning on March 23^rd and lasting until April 1^st.

This week is packed with expos, seminars, events, and of course, the home tour.  This year’s home tour features Marion Estates, a hilly enclave of custom homes built between 1952 and 1962 located off 44^th Street between McDonald and Stanford Drive.  These custom gems feature the talented works of Ralph Haver, Blaine Drake and Al Beadle.  Contemporary remodels from Tennen Studio and Woosley Studio will also be featured on tour.

If you are a modern enthusiast, or are curious to learn more about these architects that were influential in Phoenix/Scottsdale and Paradise Valley architecture, or simply want an excuse to get outside and enjoy the weather, this is a week full of opportunities sure to intrigue and please.

http://www.modernphoenix.net/hometour/index.html

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Arizona Women’s Education & Employment is holding it’s first evening affair called Urban Green at The Duce in Phoenix. The evening promises to be fun and eclectic with organic vintage-style cocktails, dinner, “Dream Job” live auction, Pot ‘O Gold mystery boxes, DJ, darts and so much more. A great way to rub elbows with and shmooz the night away.

Experience Downtown Phoenix’s green movement and do a lot of good for the community.

Click Here to Become a Sponsor or Purchase Tickets

- Single-family home prices are moving higher.
- Fewer foreclosures are coming into the pipeline.
- The glut of underpriced homes on the market has ended, with a more balanced market now for houses under $300,000.

Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business, says things are shifting for the better in Maricopa and Pinal counties. He says the median price for all sales, including new-home sales, in the market was $120,500 in January 2012. That’s an increase from $113,166 (up about 6.5 percent) from January 2011. Realtors will note that the average price per-square-foot for single-family homes increased 3 percent from January 2011.

“Single-family home prices overall in the Phoenix area have been moving up since they reached a low point in September,” says Orr, the report’s author. “Also, looking forward, I expect a declining trend in foreclosures.”

A total of about 2,450 single-family home foreclosures happened in Maricopa and Pinal counties in January 2012. That’s significantly down from almost 4,200 in January 2011. The number of foreclosure starts – homeowners receiving notice that their lenders may foreclose in 90 days — is also down 49 percent from last January.

Orr also believes there is no longer an oversupply of homes for sale in the price range below $300,000. He says investors have bought up and eliminated the excess inventory. However, ample supply remains in the upper price ranges, which were less affected by foreclosures.

“Many people think there’s a glut of homes the banks are hiding somewhere, and that may be the case in other markets, but not here in the Phoenix area,” Orr says. “We’ve gone through so many foreclosures that the system has been working itself out for about five years. Everything is cyclical in housing. The market doesn’t go down forever, and it doesn’t stay up forever.”

Orr says the supply of homes listed for sale went down 42 percent from January 2011 to January 2012. As the supply dwindles, prices are likely to rise. Orr adds fewer homes are reverting back to the banks at auction, as investors snap up what bargains are left in the Phoenix area.

“Buyers from Canada, New Zealand and Australia, in particular, are taking advantage of the exchange rates to purchase investment and vacation homes,” Orr explains.

The market saw about 8,000 new- and existing-home sales in January 2012, up from fewer than 7,500 last January. The peak buying season normally starts in February, so more activity is expected.

Orr’s full report, including statistics, charts and a breakdown by different areas of the Valley, can be viewed at http://wpcarey.asu.edu/finance/real-estate/upload/FullReport_Jan-1202.pdf. More analysis is also available from knowWPCarey, the business school’s online resource and newsletter, at http://knowwpcarey.com.

W. P. CAREY SCHOOL OF BUSINESS
The W. P. Carey School of Business at Arizona State University is one of the top-ranked and largest business schools in the United States. The school is internationally regarded for its research productivity and its distinguished faculty members, including a Nobel Prize winner. Students come from 99 countries and include 60 National Merit Scholars. For more information, please visit wpcarey.asu.edu andhttp://knowwpcarey.com.

Check them out below…

We love this home’s unique courtyard layout surrounding a front yard pool and terrace. The peace and quiet is enjoyed from many outdoor sitting areas, whether on the upper Palazzo or the back terrace. Warm, rich interiors include reclaimed wood flooring, brick arched ceilings, Venetian plaster, gem quality granite and wood-beamed ceilings.

With 4 bedrooms and 4 and a half baths, this 6,100 square foot home is the perfect retreat for full-time living or a private getaway. Click here for more about 11456 E. Chama Road.

For more information about this residence or any other luxury properties in the Valley, call Monson Luxury Group at 480.250.0848

The January 2012 issue of Luxurious Living Magazine is now available. Presented by Monson Luxury Group, this collection of luxury properties in Arizona includes estate homes, golf course homes, and luxury lots for sale including Tuscan, Contemporary and Traditional architectural styles.

Check it out for yourself!

Click here for the full report.