The Phoenix metro area saw lots of positives in the real estate market. The overall dollar volume was higher than 2014 as well units sold.
Foreclosure Notices issued as well as trustee sales continue to decline in our market.
In 2014, 10,799 foreclosure notices are issued which reduced to 9310 notices in 2015.
Trustee sales reverting to beneficiaries, (becoming bank owned homes) reduced in 2015 to 2,096 sales compared to 3538 in 2014.
New Home Sales increased to the highest in the past 4 years to 10,185 sales in 2015 for Maricopa county.
2016 is off to slow start as observed by the Cromford Report.
January 17 – The Cromford® Demand Index is losing upward momentum again, hitting its lowest point since December today. The market is well positioned but so far there has been no significant uptick in demand that would be required to push the index higher. Last year was similar. January was very lackluster, but everything changed as soon as we entered February. We don’t know if the same thing will happen this year.
As we wait for January to get behind us and for business to get back to normal after the end of year festivities, we look forward to seeing an uptick in February.