May 2012 Market Watch Update

www.bhcrei.com

May numbers came in as I predicted in our April newsletter.  Single family home sales dropped slightly from 94 in April to 80 in May.  Just an opinion but I believe this is due to the shortage of inventory to choose from.  Just this week two sets of our buyer clients were thrust into multiple offer situations.  One couple purchasing a riverfront foreclosure home and the other a short sale home in Desert Lakes Estates.  Both couples offered above asking price and neither couples offers were high enough to beat out the other buyers.

With the inventory continuing to remain lower than in previous years,  the May average sales price ($138,716) and median sales price ($124,950) exceeded April’s average sales price ($129,774) and median sales price ($122,500). 

I spent some time recently, reviewing the Zillow.com/research site and discovered the following which I want to share with you.  Nineteen of the thirty metro areas covered by the Zillow Home Value Forecast are predicted to reach a bottom in 2012, or have already reached a bottom. Several of those are expected to see significant home value increases in the next 12 months, including the Phoenix (6.5 percent), Miami-Ft. Lauderdale (5.6 percent) and Tampa (2.5 percent), according to the forecast.

Although our local market is too small to be mentioned it is continued good news to hear that  our state capital, Phoenix, is leading the way in housing recovery.

http://www.realliving.com/Steve-Kuncho-Real-Estate-Agent