Prices and sales have dropped substantially since the real estate bust. Some areas like much of Florida, Las Vegas, NV, and Phoenix, AZ were hit hard, with more than 50% decreases in home values. The amount of annual sales has also decreased.
California showed decreases and popped back the quickest. Many areas in the state are back to a seller's market with decreased inventory and buyers wanting to still get a good price at low interest rates.
Low inventory across the nation is causing multiple offers on well-priced properties. Even in the Greater Phoenix area, we're seeing multiple offers in lower price ranges, and the best-priced homes in most any price range can sell quickly. Below is an infographic created by Active Rain (an online organization for real estate agents, lenders, and other real estate related people) that is based on survey results:
Data provided by ActiveRain the #1 social community for real estate professionals. Scottsdale real estate has shown a decrease in prices in 2012 but an increase in sales. We'll have to see next year's stats to see if prices will increase in 2013.Posted by Judy Orr on