Arizona Real Estate News |
November / December 2006 Gary and Claudia Scott John Hall & Associates 9366 East Raintree Dr Suite 101 Scottsdale, AZ 85260 Phone: 480-948-0550 Fax: 480-951-8714 Toll Free: 866-464-2140 E-mail: garyandclaudia@cox.net | The Current Market OutlookSome of Arizona’s leading economists believe the housing slowdown is a short-lived bump in the road that too many people spend too much time thinking about. Instead, Arizonans should be looking at statistics that show the state created 161,000 jobs through August of this year, more than 340,000 jobs since the end of the 2002 recession and had a whopping 8.7 percent gain in gross state product for 2005. What seems much more likely is that Phoenix will recover from the hangover of last year’s buying binge and get back | to a steady rate of growth — historically 6% a year. The reason this should happen is very simple: Population growth. Metropolitan Phoenix is a unique real estate market. While other cities experience static — or even negative — population change, The Valley of the Sun routinely adds 100,000 new residents every year. There is no reason to think this will stop — not now and not soon. The carrying capacity of Greater Phoenix is eight million souls, about 266% our present population. We will hit that number — but not until 2040 or after. |
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Scottsdale, Arizona ►Third Quarter 2006 | Single family | | Townhome / Condo | # resale | Median Price | # New builds | Median Price | | # resale | Median Price | # New builds | Median Price | 1,165 | $585,500 | 210 | $945,945 | | 605 | $260,500 | 210 | $323,500 | Arizona Real Estate Center (AREC): | ASU University | | | | | | | | | | | |
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"There are still more people moving into the Valley than moving out. In the short term, I expect a market correction. Over the longer term, I expect the housing market to rebound but to more rational levels than the recent past." Says Crocker Liu McCord Chair in Real Estate at ASU's W.P. Carey School of Business. | Arizona ranked fourth for new jobs totals 2006 |
Arizona added 119,200 jobs between over the last 12 months and 5,500 new jobs between August and September of this year, according to new numbers from the U.S. Bureau of Labor Statistics. Those year-over-year jobs numbers rank fourth in the U.S. | behind only Florida, Texas and California. Those states have far larger populations than Arizona. Arizona posted larger September 2005 to September 2006 job gains than more populous states such as New York and Massachusetts. Arizona | also had the third-highest percentage job growth over the last two years, behind only Nevada and Utah. Arizona had held one of the top two spots for some time. California added 17,300 jobs last month and 179,000 jobs over the past year, according to BLS | |
According to the latest NAR Real Estate Analysis - Metro Phoenix is : | · #1 in Job Growth | · #2 in Migration | · #2 New Housing Needs |
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| Scottsdale, Arizona - - - - - Real Estate News - - - - Gary and Claudia Scott | |
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