Arizona Real Estate Market Update

Posted by: Jessica Gopalakrishnan on July 9th, 2008

In following up with Alisha Wade per our HomeGain Radio interview a couple of weeks ago, she gave me a market update for her Arizona markets.

“The Arizona market is depressed in most areas with home prices down and a high number of foreclosures and short sales, especially in Maricopa and Queen Creek, AZ. We currently have in Maricopa and Pinal County 50,985 listings of which 5,011 are REO properties. I didn’t check to see if this also included short sales, which I don’t think it does because those are pre-foreclosures. So well over a tenth of the Arizona market are foreclosures and short sales, which seem to be controlling our market of late.

The good news is that this type of market tends to weed out new agents and part-timers, which is not a bad thing for the buying/selling public as well as the seasoned agents.”

- Alisha Wade, Associate Broker with RE/MAX Achievers in Arizona

For more regional updates, click here.
For Arizona homes for sale click here
Click to learn more about Scottsdale real estate and Scottsdale home prices.

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2 Comments on “Arizona Real Estate Market Update”

Chris Brake

The Arizona area is very up and down lately. ARMLS is having a Tech Fair on the 21st and 22nd or August. There will be a lot of vendors there showing off some products that can help the agents in the Phoenix area capture leads and make more money. I recommend stopping by the HomeQuest booth and getting some info.

arizona mortgage broker

It’s been amazing how hard the metro phoenix real estate market has been hit. Not exactly surprising, considering how fast home prices were rising. That seemed unsustainable. I’d still bank on this market coming back. The Arizona area is still very desirable to live in.

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