Like an underdog proving victorious in an old Western movie, after being hit hard by the burst of the housing bubble the real estate market in Phoenix, Arizona fought back, and values are now going through the roof.
According to Trulia’s statistics, the price per square foot of real estate in Phoenix, AZ has gone up by a stunning 277.9 percent compared to the same period last year. Additionally, the median home sales price is up 41.1 percent.
Real estate investors, including house flippers, are slowly starting to see the light and must act before their window of opportunity closes. Many investors have already dumped millions of dollars into Phoenix real estate, and home sales are down 6.6 percent year-over-year. Simply said, inventory is drying up.
Investors looking to acquire properties in Phoenix, AZ should keep their eyes on six key areas: Camelback East, North Mountain, South Mountain, Deer Valley, Paradise Valley, and Encanto.
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