Price range is important when determining values and trends. If I were to tell you that the Northeast Valley (NE Valley) showed a drop of 6% in listing inventory compared with one year ago, you might say, “Oh, sure, whatever.”
Or, I can say that the NE Valley listing inventory increased by 1% for homes listed above $500,000. Well, that’s kind of a yawner. And finally what is also true is that NE listings priced under $500,000 (the majority) are down by 20% compared to last year. Now that number’s significant! It helps to explain why Scottsdale, which had been seemingly plodding along, has now caught some wind in its sail.
According to a recent review of the Cromford Market Index (100 being a balanced market) for Scottsdale, the city has been moving up from a low of 95 back in May (slight buyer’s market) to 130 presently (solid Seller’s Market). It has risen 11% in one month.
And what about sales in the NE Valley over the past three months? They are up 13%! For sales under $500K, sales were up 11% and for closed sales between $500K and $1Mil, sales increased by 19%. Even home sales priced over $1Mil, sales increased 4%. Things are rebounding well in the NE Valley.
(data above courtesy of the Cromford Report)
Phoenix Ranked 8th Nationally for Future Job Growth
Forbes looked at the 200 largest metros by population for its annual feature on the Best Places for Business
. While the fastest employment growth areas are concentrated in Florida, the slowest growth places are spread out across states. Metros from eight states rank among the top 10 areas with the largest projected job growth over the next three years. Phoenix came in 8th for the largest projected job growth in the nation.
This continues a good news trend for Arizona, and specifically for the Phoenix Metro area.
Mortgage Firm Reduces Foreclosure, Short Sale, Chapters 7, 11 Bankruptcy Waiting Periods to 2-3 Years
Mark Taylor, a Mortgage Broker with Ameriprise Financial just sent out a news bulletin stating that Ameriprise will now be taking loan applications for folks who have been out of the sales market waiting for their 3-7 year penalty period to expire. Ameriprise will now loan if you’ve been foreclosed on (within the past 3 years) or had a short sale, deed in lieu, or Chapter 7 or 11 Bankruptcy within 2 years. We’ve anticipated this happening, and I’m certain other lenders will be doing the same as well. There was no announcement, however on what their rates and fees would be.