Housing Statistics in Chandler and Phoenix

If we could only know for sure what the future Housing Statistics might look like. In Chandler and Phoenix Metro things look like they will stay stable through 2015. Many analysis project stability and slow growth in the next year.

Here are some of the more important indicators to look for in the coming year.

(we can re-visit this in December of 2015 to see how we did0

Distressed properties are down. from 16,000 in December of 2012 to 5,844 in December of  2014.The total is only 9.8% of the market for both Short Sales and REO properties. In 2006 30% were short sales and 30-40% were REO. Only about 1/3 the inventory were normal sales.

Days on market and months inventory has been holding steady for the last 6 months. Ave days on market is 88 monthly inventory is about 4-5.

As 2014 comes to an end some of the national predictions for 2015 are out there now. Our market has been stable over the last 16 months. Most are saying we will continue with this stability. John Kenneth Galbraith said something useful about predictions that will act as a disclaimer: The only good thing about economic forecasting is to make astrology look respectable. :) Little humor.

5 things to consider in the future.

Millennials:“Millennials are the largest population base today.
Baby boomers are no longer the largest age group; it is 22-year-olds who now hold that title.
There will be more than 4.6 million heads of household in their prime home buying years
(millennials are between ages 18 to mid-thirƟes) by the year 2020.

New Home Sales: May economist believe that new home starts will be better than last year. My opionion.(Maybe) but not by much.

Home Prices: Up, but not like we saw in 2013. Slow and steady for 2015 (3%)

Interest Rates: Split Decision. Some say up to 5.0% others say min. increase.(time will tell)

Mortgages will be easier to obtain?: Hopefully not. It may hurt my business, but I think we need to continue to be careful with this item.

Please reply to this blog with "YOUR" prediction on any or all items.

Best Regards  Dave Bracklow