Phoenix Metro Area Housing Market Expected to Keep Rising in 2018
For sellers, things are looking up in the Phoenix Metro housing market. Experts predict the market to keep rising in the coming year, according to ABC15. In fact, some are comparing market trends to those of the booming 1990s.
What could possibly have the numbers surging beyond what they have reached in the current year? According to Realty One Group’s Jeff Sibbach, it’s because of inventory, or lack thereof, that will lead to prices exploding. Right now, housing supply is down around 12 percent year-over-year while demand is up seven percent over the same time period. If there’s any good news to be found in those trends, per Sibbach, it’s that it will lead to a competitive, thriving market.
ABC15 notes that cities such as Chandler and Goodyear are hot with baby boomers and millennials wanting to buy within the $200,000 to $250,000 range for a first home or downsize. However, they may face issues with inventory as many builders are finding it more lucrative to build luxury homes versus affordable ones.
Some of the builders currently constructing neighborhoods that could work for these kinds of buyers include David Weekley for Mesa’s Cadence at Gateway, New Home Co. for Gilbert’s Somerset, and Richmond American American Homes of Toscano in Phoenix.