Phoenix Arizona Investment Property with Oggy Karchev of Realty ONE Group

The latest National Association of Realtors read on the housing sector shows an industry still in shambles, but a bright spot in Phoenix Arizona.

According to the group’s third-quarter report, the largest sales gain among states — 28.3 percent over the second quarter — was in Arizona. Of course, California and Nevada were close behind. 

According to research from Arizona State University Realty Studies, the high rate of foreclosure homes is pushing down home values across Greater Phoenix. For the traditional or as we like to call it straight sale (non-lender owned) sales market, the median price of a subject resale home in Maricopa County was $175,000 in October, while foreclosed properties had a median price of $159,775.  One year ago, the median prices were $250,000 and $218,225, respectively.  RealVision Group has a Market Review Newsletter of the Metropolitan Phoenix area that will keep you current with the investors real estate market.

According to NAR, distressed sales – foreclosures and short sales – accounted for 35 to 40 percent of closed transactions in the third quarter, pulling down the national median price for resale homes to $200,500. That is 9% lower than the third quarter of 2007. Great time to step out of your safety net, and become an active investor in the Arizona Real Estate Market.