RE/MAX Alliance The Reeves Team - Gilbert Real Estate In Arizona » Phoenix Market Conditions

Gilbert Days Parade Canceled

relocateaz — Thu, 27 Aug 2009 19:40:08 +0000

One of Gilbert’s longest traditions was broken Tuesday night as the Town Council voted down public funding for the Gilbert Days Parade. The Parade that has spanned the length of 3 decades will not take place this November.

When the Gilbert Promotional Corp. lost most of its private funding for the parade due to the downturn in the economy, they turned to public funding and the help of the Gilbert Town Council. The council turned down the groups request for public funding in a 5-2 vote Tuesday night. ”It was a tough decision for everyone all around,” said George Pettit, town manager.

As a sponsor and participant in the parade since 1994 Remax Alliance Group is saddened by the news of the cancellation. We enjoyed the opportunity to give back to the community and celebrate the tradition that the parade represented. However, we look forward to the return of the parade in the future and the prosperity that its return will represent.

If there is a silver lining it is that the Council did vote to fund the Gilbert Days Rodeo. The Rodeo is a 3 day event attended by up to 5,000 spectators. For more information on what activities will be available during the Gilbert Days Celebration view the calendar here.

May 2009 Residential Home Sales

relocateaz — Mon, 22 Jun 2009 02:06:23 +0000

Before last month, the last time there were more residential home sales, was 45 months ago in August 2005! May 2009 had a record number of sales (for the Greater Phoenix area) at 9,290 … compared to 8/2005 that boasted sales of 10,031.

Overall, May was an improving month for Arizona home sales. Comparatively, from those 9,290 homes sold – there were 3,653 more than the 5,637 homes sales that were recorded just one year ago in May 2008. Impressive!

Comparing April 2009 to May 2009, single family homes sold were both equal to 89% of the market sold; townhouses were still responsible for 5%, Apartment style/flats were at 3%, Patio homes at 1% and Manufactured/Mobile Housing, Gemini/Twin Homes, Lofts and Modular / Pre-Fab homes were each at less than 1% of home sales.

In May, there were 8,303 Single Family Homes sales, compared to April’s 7,663

(2nd column indicates patio home sales at less than 1% for both April & May; Figures provided by Fletcher Wilcox, Grand Canyon Title Agency # 602-648-1230 )

Phoenix new home sales rebounding

relocateaz — Thu, 19 Mar 2009 13:34:37 +0000

Last week we wrote a post telling our readers and customers how the market has hit bottom and is in the process of rebounding. This week the East Valley Tribune has a story talking about how new home prices have stabilized in the Phoenix housing market.

A report by RL Brown showed the median new home price had risen from $208,045 in January of 2009 to $210,000 in February. While new home starts was down to 713 in February from 733 in January, the number appears to also be stabilizing. New starts in February of 2008 and 1,813.

With the reduction in new home starts over the last year the supply is finally being absorbed by the market which is allowing prices to recover. It is estimated that the construction permits will now start to recover too and could reach 1,500 within the next three to four months.

Has the Phoenix real estate market hit bottom?

relocateaz — Thu, 12 Mar 2009 18:50:51 +0000

He get asked often when will the Phoenix real estate market hit bottom? Let it be known that Troy Reeves & The Reeves Team are letting you know that the market has hit bottom and started to come back. It’s true!

If you have a home in the Phoenix real estate market between $75,000 & $260,000 it has hit bottom and is starting to increase. The number of active homes in the MLS is under 50,000 homes for sale (we haven’t seen this low number in over 2.5 years). MLS pendings are over 10,000, we’ve never seen this.

The local media will start mentioning this over the next 2 months. But you heard it here first.