This serves as a good barometer of future sales as it is tracking the listings, not the completed sales.
Note the incredible build in inventory, no surprise to HP readers, but also the drop in listing value, especially as predicted at the higher end...
The bigger the gain, the bigger the fall... Panic at the top, but it'll spread like cancer
By the way, after being out of Phoenix now for 4 months, it really is obvious what crap homes they're building in the desert, compared to real homes that'll last over here. Disposable homes for a disposable city lived in by mainly disposable people.
Percentile August 2005 April 2006
Top $629,900 $539,900 (-$90,000 or -14.2%)
Middle $379,900 $350,000 (-29,900 or -7,8%)
Low $264,900 $269,000 (basically flat)
April 15, 2006
This site tracks Phoenix (city) home listings and listing price
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18 comments:
I guess this indicates an average of 1% price declines a month?
Hopefully, the declines start moving higher soon, as people move from denial to panic.
Simssays...
http://www.AmericanInventorSpot.com
AmericanInventorSpot.com
Slowdown in Real Estate market and harder to sell a house at a higher price... plus this--->
Here comes the revaluation, Dover, Toms River, NJ 08755
Home visits may start in June
Hope this won`t create a Panic in a Fixed income RETIREMENT COMMUNITIES in TOMS RIVER, NJ 08753, 08755 areas !!!
Can DOVER, TOMS RIVER Housing status, be tracked like PHOENIX, AZ ???
Just wait until its 150 degrees in May, people will realize the hell they are in, not to mention most of the jobs in the oven pay 30k, if Phoenix were a stock, I would short it into bankruptcy.
"Anonymous said...
Phoenix is a spider and scorpion infested sweaty armpit on a meth adict hoe."
Every year I make my annual pilgrimage to the Phoenix area for spring training. Phoenix is without a doubt a cool place to go. I love it there, and I’m not the only one considering it is one of the fastest growing communities in the country.
With that said; home values are very likely to drop there!
Come on … what’s this?
“phx”
“groving”
“I think you never been”
“You are useful idiot”
“because bunch of”
“mexican pouring through”
Before you start calling people names like “useful idiot”, you should polish up your writing skills. Until then, you have NO validity.
I have to agree with the poster who described Phoenix as an "armpit". I've traveled there several times a year since the early '80s and the decline has been remarkable. What used to be a lovely retirement oasis is now a polluted, congested hellhole of sprawl, angry people, and consumerism.
"Before you start calling people names like “useful idiot”, you should polish up your writing skills. Until then, you have NO validity."
You meant of course to write "credibility" rather than "validity".
N'est-ce pas?
It's too bad that Californian's have ruined Phoenix. The desert can be very beautiful, but nothing is fun if it is unaffordable.
"You meant of course to write "credibility" rather than "validity"."
Credibility and validity have similar meanings, but I can assure you I meant VALIDITY.
Validity as in legitimacy or authority.
I think Phoenix is beautiful.
CHECK THIS PRICE REDUCTION---> from $1,750,000...now $1,300,000 !!!
PRICE REDUCTION of a House in NORTH DOVER, TOMS, RIVER, NJ 08755
Is PHX like Vegas? I was in Vegas and couldn't believe what a depressing hell hole it was. No trees. I mean NONE. Just little palm trees maybe, pathetic.
Houses made out of cinder block.
People playing at $5 blackjack tables where their odds of winning are just high enough to keep them playing I guess. And just low enough so the house slowly takes all their cash. What's the point?
Eventually in a recession people will tire of losing money at blackjack. It's not that much fun (not that I played). And Vegas growth will go negative.
Oh, and it was 105 degrees in MAY. Nice!
"Credibility and validity have similar meanings, but I can assure you I meant VALIDITY.
Validity as in legitimacy or authority."
Incorrect usage.
The construction, "What you write has no validity." Is correct.
You wrote, "Until then, you have no validity."
In essence, you are arguing that the author is not a valid individual.
If you had written, "As a commentor on Phoenix you have no validity", you would have a point but you didn't write that, did you?
Thanks for playing!
"And Vegas growth will go negative"
You’re not the first to say that and I’m sure you won’t be the last. VEGAS … people have been betting against that town for years.
Besides, there are some great golf courses in LV.
How can everybody on this entire thread be anonymous?
Phoenix has good points and bad points like every place else.
If you don't like heat, don't move here.
Real estate in Arizona has always been super-cyclical, and the California equity refugees are only part of the problem. It is going to crater big time, probably sooner than most other places.
But so what? If a drop in real estate prices is the biggest problem in this country over the next five years, we can count ourselves very lucky.
sorry about the fart. Give the room 6 days of ventalation and everything will be fine again
I've always maintaned three positions:
1) the suburbs are over valued.
2) rural land is set to explode in price
3) this blog is filled with raceist dickheads.
At the sam time as we have seen Pheonx SUBURBS (if your site was strictlt inner city Pheonix I believe it would show growth) CRASH checkout what has been going on in Arizona no mans land:
Arizona $1,750 acre 9.4% increase.
The migration has begun.
My list of rural land price increases can be found on my post titiled "Brillant"
Take Las Vegas' soul and exciting entertainment away, add 3x the people, pollution and crime, and and add massive (illegal) Mexican barrios (South Phoenix, entire West Valley, some parts of the Southeast Valley, all of central and east Phoenix), and add radical wacko Mormans and Republicans (worse than the South!!) and you have Phoenix metro area! Any questions?
It truly is an out-of-control cancer!!!!
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