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National and Local Real Estate Numbers

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Blog by Doug Ingersoll | March 30th, 2016

The chart above is the monthly average sales price per sq ft for the 85050 and 85054 zip codes that make up Desert Ridge.

In CoreLogic's latest Home Price Index, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month, and projected appreciation over the next twelve months. The 12 month price change for Arizona is 6.6% with appreciation over the last month at 1.3% and projected over the next 12 months is 7.7%. Real estate is hyper local though. 

According to Homesnap.com Sales fell in the 85050 zip code market to 55 homes sold over the last 30 days. It's also under an identifiable downward trend in the number of contracts closing, with this week's number falling to 36. All indications show that the trend may be coming to an end, meaning more pending transactions over the next few weeks. The median sales price climbed to $312,800 over the latest reporting period for the 85050 zip code, up from $307,000. There are only three months of inventory available in the 85050 zip code, so it's still seller's market, even with the shrinking contracts numbers.

And from AZCentral.com "At last, Arizona recovers from Great Recession" reports that Arizona formally matched its pre-recession employment levels in December, closing a job hole that lasted eight years and lingered 19 months longer than the nation's. The numerical milestone is a reminder of how severely Arizona was hit by the Great Recession and how unevenly it has recovered. The Phoenix and Flagstaff areas, for example, are the only parts of the state fully recovered through February, but they offset the ongoing shortfalls elsewhere. Only Nevada lost a greater share of its workers during the downturn than Arizona. Even so, Arizona has recovered faster than eight states. That projection comes as Arizona posted another solid month of employment growth in February, adding a net 25,300 jobs. That helped push down the state's unemployment rate to 5.5 percent. Arizona remains well above the nation's 4.9 percent jobless rate. Over the past 12 months, Arizona's work force has added 79,000 jobs, or 3 percent growth. Metro Phoenix formally filled its jobs deficit in August and had 14 percent more jobs in February than it had lost. Flagstaff was at 108 percent. While Arizona has regained its overall job total, the recovery is almost entirely due to growth in the Valley. By comparison, the Tucson area recovered only 76 percent of its lost jobs through February. That area was hit hard by the federal budget cuts known as the sequester and by cutbacks at the University of Arizona. The housing crash and wider recession ravaged the construction industry, which has scarcely recovered at all. At the end of 2007, there were more than 210,000 people working in construction around the state. By February 2011, there were less than 110,000. In January this year, there were nearly 132,000. Eight years after the recession began, the construction industry still had nearly 80,000 fewer workers.