Living in Phoenix – Why Live Anywhere Else?
You kind of have to wonder how a West Texas girl is living in Phoenix. My husband and I raised our family in a small town in West Texas and to us its population of approximately 100K seemed extremely large. Our roots were entrenched in the Oil Industry as my husband was an oil trader for a small refinery in west Texas. It was around 1990 when my husband was offered a job in the Phoenix market and wanted to see what my temperament would be to leave our root system of career, family and friends and start a new life in Phoenix. Phoenix certainly has gotten far too negative press for its heat; as it experiences approximately 6+ months of the year of a true paradise. Living in Phoenix gets high marks from my vantage, but you don’t have to believe me, just look at the stats of people that move to the Valley of the Sun.
The thing that makes Phoenix attractive is not only the climate, but the endless mountain views. With an annual rainfall of 7 inches, you can see why so many are attracted to living in the Sonoran Desert as there is no snow, rain, bugs, tornadoes, earthquakes, humidity. . .need I say more? What we do have is 345 days of sunshine every year. So I’ll confess there are a few months that we have higher than normal temperatures if you measure Phoenix against other areas of the United States, but not to fret as we are about a 1 ½ to 2 hour drive to 7000 feet above sea level offering national forests and pine trees. Living in Phoenix has to be the best thing since sliced bread.
Current Phoenix Real Estate Market
Since entering into the world of Real Estate over twenty-four years ago, I have seen a housing market tick up steadily, surge with unbelievable growth, inflate, then pop, and bottom out. We are a Deed of Trust State so when the distressed market brought the entire nation to its knees, Phoenix was one of the first markets to rebound as judicial foreclosure is not done in Arizona. As you can see from the chart below our real estate market is headed upwards. What a great time to purchase a home in Phoenix. We have a healthy vibrant economy with growth happening at a record pace. See the chart below taken from the Cromford Report which is very revealing of the past and current market trends.
June 27 – With the frenzied atmosphere in resale this year there are great expectations for the final number of closings in June, typically one of the highest closing months of the year. We are not quite at the end of the month, but let’s see how June is faring thus far. First, it’s always important to know how many working days are in the month to do a fair comparison. This June will have 22 working days, which is the highest number of working days possible for the month. That’s one indicator that the month as a whole will have a higher volume of closings compared to the others. It’s also why we should look at the daily rate of sales instead of the total volume in order to make a fair comparison.
So far this June is 10.6% higher than last year and 8.0% higher than the long term average of daily sales for June. Not bad, but not spectacular at this point. In the prior 6 years, the only Junes we’re beating out are 2012 and 2014. The good news is that the vast majority of sales are normal, which is positive for prices. We will have to see how the last 2 working days make a difference.