SO, HOW’S THE REAL ESTATE MARKET IN GOLD CANYON?

SO, HOW’S THE REAL ESTATE MARKET IN GOLD CANYON?

Being on the far eastern edge of the Phoenix Valley, Gold Canyon does not always feel or react to real estate market changes the way the rest of the Valley does. So let me try to dray for you a word picture, so you can get a idea of  the changes we saw in the Gold Canyon real estate market in 2012.

Through November of 2012, we saw over 400 residences sell representing more than $102 million dollars worth of real estate within the Gold Canyon area. In January of 2012, the average sales prices of homes in Gold Canyon stood at $194,182. By December, that number had risen to an average of $275,182. That’s a 41% increase over the last twelve months.

Real estate foreclosures and short sales were a hot topic in 2012. Through November of 2011, these two categories made up approximately 39% of the homes being sold in Gold Canyon. By November of 2012, that number had dropped to approximately 22%. That means that month by month there are fewer distressed sales, and we are starting to return to a more normal market.

Lastly is the topic of market inventory. Currently within Gold Canyon, we have approximately a 6 months supply of homes. This is considered a stable market for both buyers and sellers. This is also a little higher than most of the Phoenix Valley who are seeing less than a 3 months supply of homes for sale.

So what does all of this mean for Gold Canyon. I believe it means that the worst is over. We can now see that a bottom was reached back in August of 2011 and homes have been slowly increasing in value since then. It also means that neighborhoods are stabilizing with fewer numbers of short sales and foreclosures. It means that we can all take a breath and enjoy where we live, and the fact that Gold Canyon has weathered the storm and survived. It also means that now is the perfect time to purchase a home. With historically low interest rates and homes just coming off the bottom of the market, there will never be a better time to become a homeowner in Gold Canyon.

Comments Total: 1 Comment

  1. Sabin zara says:

    The Phoenix residential real estate market represents a great opportunity to individuals, families, and investors who are weary about the stock market and are realizing that their investment portfolios are too exposed to fluctuations in Wall Street. By now, the reality has sunk in with most people – the stock market’s decline has hit 401K and other retirement investments hard. As a result, this is a critical time to for individuals, families, and investors to rethink diversification of their portfolios again. Portfolios need to be more highly diversified than ever before.
    And it’s time to rethink real estate as one component of your diversification in the future in addition to stocks, bonds, commodities, international investment, and low-risk savings instruments, to name a few. I like your post. I will share your blog to my friend.

Leave a comment