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The only thing consistent about The Phoenix-area housing market the last few years has been inconsistency. Phoenix was one of the hardest hit cities in American when the housing bubble collapsed. It was also one of the quickest housing markets to rebound. All of the volatility in the Southeast Valley housing market has had many residents asking what will be the next dramatic shift in the housing market. Well according to Troy Reeves and “The Reeves Team” it appears the Phoenix area housing market may be starting its slow march back to normal.

As the year’s peak home buying season comes to a close, the market is showing signs of stabilizing, suggesting that the rise in home values in the near future will likely be driven by market demand, rather than inventory shortages.

Phoenix Area Highlights:

Widespread Inventory Recovery – The inventory recovery is broad and growing.  The number of listings increased even though the summer season is ending, and the market registered a net increase in inventory over last month.

Prices Stabilize – Despite the increase in inventories, the median list price did not change compared to July. Absent a significant weakening in economic conditions or significantly higher rates, prices should continue to slowly rise alongside typical cost of living increases.
Sales Prices Are More Dependable –  August marked the third consecutive month that sales prices in the Phoenix area, covered by the Arizona MLS, registered at over 97% of there list price.  This marks a sharp increase from the begging of this year, when volatility in the market made it much tougher to price a home.

Troy Reeves accurately predicted that home values would rise significantly during the first half of the year and then ease after the upward pricing pressure of the summer months. However the upward pressure is likely to return after a short break once the snowbirds return in a few short weeks.

A benefit of housing inventory and price fluctuation returning to normal levels is that buyers will now have more of a selection to choose from. Many buyers who were turned off by the bidding wars and low inventory will now re-emerge as potential buyers.

According to Troy Reeves, the Phoenix Area market appears to be ending the 2013 home buying season on a positive note, with more balanced inventories, shorter time on market, and higher listing prices compared to one year ago.

So what do you think? Are you ready to see a return to normalcy in the Phoenix Area Housing Market? Leave your thoughts in the comment section below.


Phoenix Metro monthly housing stats ending 8/14/14

August 15, 2014

Troy Reeves received the ARMLS monthly statistics for the Phoenix metro area as of August 14, 2014.  The report included commentary by Tom Ruff of The Information Market. Please read Tom Ruff’s commentary below; For the last year I’ve been faced with the challenge of seeking new ways to describe a real estate market that […]

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Protecting your home from water damage

August 8, 2014

Benjamin Franklin once said, “An ounce of prevention is worth a pound of cure.” This age-old axiom is very applicable when it comes to preventing water damage within your home. Water damage can affect your home’s value, increase costs, and cause a decline in indoor air quality. There are several ways you can prevent water […]

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Have a bucket list? Here are some things to add to it!

August 1, 2014

Gilbert is known as a big city with a small town feel.  Below a few things that you must visit while in Gilbert. 1. Gilbert Days – Everyone loves a parade but if you haven’t experienced the rest of the town’s signature Western heritage celebration, then it’s time to pony up to Gilbert Days. The […]

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Back to School – Can you believe it’s that time already?

July 23, 2014

As the temperatures are still rising and it sure feels like summer, it is actually time for school to start. Chandler students returned to school this week. Gilbert and Mesa will start the beginning of August. Have you been thinking with the start of a new school year that you would like to it in […]

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4 factors that can influence selling your home

July 16, 2014

With the hope of selling your home for the highest price possible, there are a few factors to consider when putting your home on the market. Location – Buyers take many factors into consideration when purchasing a home. Location being one of them. Buyers may look at what’s been happening in the community as far […]

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When homes aren’t selling!

July 3, 2014

A successful real estate transaction requires team work between the realtor and the seller. It becomes frustrating when both parties are not on the same page as to what it is going to take to get the home sold. When a seller is not willing to take advise on what needs to happen to get […]

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Make your house ready to sell

June 19, 2014

People love touring model homes to see how the rooms are decorated to get ideas for their current homes. Why not take some of those “staging” ideas and use them when you decide to put your home on the market? You would be surprised just by looking around your home how many items you probably […]

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What are some of the reasons folks are moving?

June 10, 2014

The U.S. Census Bureau reported the other day that among the 36 million people who moved between 2012 and 2013, 5 percent said the most important reason for moving was to be closer to work or for an easier commute. Another 8 percent cited the desire for cheaper housing. The most common reasons for moving […]

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Drones in the the real estate market?

June 5, 2014

Looking for that special marketing tool to make your listing stand out from others? Starting thinking about photos taken from a drone powered camera. As unmanned aircraft become more widely available, some real-estate agents have started to use drones to sell listings. Real-estate agents often will go the extra mile to achieve top marketing ideas […]

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TopGolf to build second Valley facility in Gilbert

June 3, 2014

More exciting news! Troy Reeves & The Reeves Team has just learned that TopGolf International Inc. out of Dallas Texas will open an indoor/outdoor entertainment center in Gilbert, AZ. The site is due to open early next year! TopGolf is in the process of building a 65,000-square-foot center at The San Tan Village Parkway in […]

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