Wednesday, August 29, 2012

Shadow Inventory Fades in Fountain Hills

If you've been worried about the "shadow inventory" of homes in Fountain Hills, it's time to stop worrying!

Distressed properties account for a shrinking share of the residential real estate market in Maricopa County, according to the latest reports by DataQuick. Foreclosure sales in the metro Phoenix-Scottsdale area are at their lowest levels in 4.5 years.

Fountain Hills real estate has steadily improved during the past year. Foreclosures and short sales accounted for about 4% of the market last month. In early 2012, distressed properties accounted for 10% of the market; and a year ago, as much as 14% of the market. We've come a long way in a relatively short amount of time!

Our proximity to Phoenix often causes broad assumptions about local market conditions. But there's good news there,  too. Phoenix foreclosures are down by 50% from a year ago, and down by 66% since 2009. Metro Phoenix-Scottsdale home prices are enjoying double-digit gains as a result. 

This being said, we can still expect seasonal norms to affect Fountain Hills real estate in upcoming months, though any pullback in sales should be modest. We also have the uncertainties of an election year, which could influence market behaviors.

The bottom line: Fountain Hills, Arizona, is a magnificent place to live, work and play! Statistics aside, buying a home is really about the quality of life you can enjoy in your new neighborhood. The natural wonders of our serene, desert vistas, along with our thriving culture, and our abundant recreational opportunities will always attract new residents! 

Whether you are relocating to Arizona, or you are a current resident who is thinking of buying or selling a home, I'm here to help you! 

When you have questions about Fountain Hills real estate, contact me! As a real estate professional with over 30 years of experience, I will provide you with the best in local expertise and Fountain Hills market guidance!

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