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Ahwatukee Arizona Real Estate Market Improving Significantly
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Ahwatukee Real Estate Market Experiencing Stronger Year-Over-Year Buyer Demand
Ahwatukee in Arizona is experiencing solid improvement in its housing market as buyer demand accelerates.
Ahwatukee is considered a Ã¢â‚¬Å“VillageÃ¢â‚¬Â of Phoenix and is located to the southwest of central Phoenix. Tempe borders Ahwatukee to the east and Chandler to the southeast. Ahwatukee is considered a master planned community concept with its origins dating back to the 1970s. Ahwatukee is geographically defined by that south of South Mountain Preserve and west of Interstate-10, and postal codes 85044, 85048, 85048.
Ahwatukee real estate market improvement is due primarily to increased buyer demand for homes as a result of lower home values, lower mortgage interest rates, and the Federal GovernmentÃ¢â‚¬â„¢s $8,000 Ã¢â‚¬Å“first-time homebuyerÃ¢â‚¬Â tax credit. The combination of these factors is creating an appealing incentive for purchases of Ahwatukee homes and homes in other parts of the Valley of the Sun.
Demand for Ahwatukee Real Estate On the Rise
Buyer demand for Ahwatukee real estate, as measured by the number of Ahwatukee homes currently under contract for purchase, is experiencing measurable improvement.
29.7% of marketed Ahwatukee homes are now under contract for purchase as compared to 18% a year ago. This represents a 66% improvement from last year.
Put another way, for every 10 Ahwatukee homes on the market, there are now 3.0 buyers vs. 1.8 buyers a year ago. Much of that improvement has taken place since the beginning of 2009.
Looking at broader Phoenix activity, the number of Phoenix homes currently under contract is at a record-level of 3,700 properties. This surpasses any level seen even during the market high of 2005-6.
Ahwatukee Homes Inventory Showing Modest Improvement
Ahwatukee home inventory is showing modest improvement with 608 homes currently available for purchase. This figure is fluctuating so any general improvement in inventory is less than a 10% decline since the beginning of the year.
Phoenix in general is experiencing inventory levels that are currently at a 2-year low. Though this trails other parts of the Valley, analysis supports continuation of this downward trend.
Ahwatukee Home Sales Remain Flat
Sales of Ahwatukee homes remain relatively flat. In the first quarter of 2009, 238 homes were sold as compared to 252 homes for the same period a year earlier. This measure may be premature. Given the recent improvement in pending sales activity, sales should begin to show gradual improvement as homes currently in escrow eventually close.
Ahwatukee Foreclosures - Ahwatukee Short Sales
Ahwatukee, like many Valley communities, has been beset by short sales and foreclosures which have pushed prices down aggressively from the market highs of 2006.
This remains an area of concern despite improvement in other Ahwatukee real estate market areas. Fannie Mae and Freddie Mac terminated their foreclosure moratoriums on March 31st which had been in effect for several months. As such, the next 1-3 month period may experience an additional volume of foreclosed properties hitting the local Ahwatukee real estate market.
In regard to short sales, continued layoffs and depressed prices could force additional homeowners to attempt short sales of their properties as well.
Ahwatukee Housing Market Outlook
Overall, the Ahwatukee housing market is clearly experiencing strong growth in buyer demand as measured by the number of homes under contract for purchase. Inventory is somewhat stable with modest declines at best. Though sales remain flat, we should expect improvement consistent with the increases in pending property statistics.
Over the next 1-3 months, the Ahwatukee real estate market could experience further improvement in buyer demand with a more pronounced decline in inventory. Sales should begin to break away from 2008 levels as homes under contract finally close. Potential Ahwatukee foreclosure activity does remain an area of concern given the termination of the Fannie Mae and Freddie Mac foreclosure moratoriums and how new inventory may affect the market.
In summary, Ahwatukee appears to be shoring up elements of its housing market as buyer demand intensifies. This should more directly result in lower inventory and higher Ahwatukee home sales though the impact from future foreclosures remains uncertain.
About David Lorti
David Lorti is a professional Realtor for ThompsonÃ¢â‚¬â„¢s Realty specializing in Ahwatukee Real Estate and Ahwatukee Homes, Chandler Real Estate, and Gilbert Real Estate, and the broader Phoenix area. He holds a MBA and Certified Negotiation Expert designation. Visit Ahwatukee Arizona Real Estate Market Improving Significantly.
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