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Phoenix: Sales down 21%, Cash Sales down 40%, Inventory up 47%
2014 Jun 9, 8:07am 5,317 views 15 comments
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hanera
2014 Jun 9, 8:36am
So far is buyers' resistance in May, about the same behavior as last year. If similar, sideways till Dec, follow by a burst between Feb-Apr.
Strategist
2014 Jun 9, 8:37am
So far is buyers' resistance, about the same behavior as last year. If similar, sideways till Dec, follow by a burst between Feb-Apr.
This summer the real estate is gonna be Hot Hot Hot. I guarantee it.
Heraclitusstudent
2014 Jun 9, 8:43am
So far is buyers' resistance in May, about the same behavior as last year. If similar, sideways till Dec, follow by a burst between Feb-Apr.
Except, well... with sales down 21% and inventory up 47% compared to last year.
I doubt volume will come back without a change in the price dynamic.
everything
2014 Jun 9, 8:59am
Flipperville is back, prices up, sellers think what they got is worth allot and everyone wants to make a buck, now things can go a little stagnant and that's the summer for you. Time to settle down crack a few, and watch the world go to h in a handbasket for another season. I just put an offer in on a small condo, the sellers were asking 100k for it, I offered 96500, they counter offered at 105k, so I said ok I'll give you your stupid 100k, but you pay $500 warranty and $1000 towards closing, supposedly they are accepting the offer but who knows, if they let it expire they can keep the place. I'll keep shopping if I have to.
MisdemeanorRebel
2014 Jun 9, 9:20am
Do miss roberto!!
What the heck happened to him anyway? Did he like suddenly disappear, or go off in a huff?
smaulgld
2014 Jun 9, 9:37am
Been predicting this dynamic for over a year as prices rose more homes would come on the market but there wouldn't be buyers due to the economy
http://smaulgld.com/the-coming-supplydemand-real-estate-inventory-reversal/
Strategist
2014 Jun 9, 11:40am
Coming to a CA neighborhood near you soon...
Selling like hot cakes here.
That's what they said about Phoenix a year ago...
Phoenix and other desert properties will be limited in price by cost of construction as land is cheap. Bay Area New York and other coastal areas where land is limited and desired will be limited by what the rich are willing to pay. Therefore there is no limit because the rich get what they want.
I'm feeling generous. I'll try to help Phoenix.
I will pay 50% of listing price. Seller to finance 100% of selling price without interest. Seller to pay all taxes for life of loan. Seller to pay to buyer(me) any loss from original purchase price to selling price at time of future sale.
or
I will pay 10% of listing price,cash.
I care nothing about sellers,commissioned salespeople or banks.
Why all the hemming and hawing about real estate and gold? Buy AAPL and ride the stock market wave right into the bubble.
donjumpsuit
2014 Jun 11, 11:36pm
If Gold goes to $1000
Every company that mines for it will shut down.
Gold will then skyrocket.
Gold takes ~$1250 to pull out of the ground.
Big deal that it hasn't dropped all the way to 1000. If you'd made the same prediction back then, you'd be currently milking it for all it's worth. The fact you are trying to get one over on him for this just makes you look ridiculous.
Agree, what predictions have you made, Call It Crazy? You're obsessed with this gold at $1000 thing, but I don't see you standing by much of anything.
http://www.calculatedriskblog.com/2014/06/phoenix-real-estate-in-may-sales-down.html
Not bad.