Below is a link to an April 3rd KnowWPCarey podcast interview with Michael Orr, Director of the Center for Real Estate Theory and Practice at the W.P. Carey School of Business at Arizona State University, discussing the current real estate market in the greater Phoenix area. In this interview, Michael Orr notes that the usual burst of energy seen in early spring has not yet materialized. He does say, however, that while the market has been subdued, "it's stopped getting worse, and may even be getting a little better." January is historically a weak month, with buyers typically coming out in February. March prices will likely show an increase due the increase in activity in the luxury market. There are definitely buyers out there, but they are showing no urgency in making purchases. With demand remaining weak and supply increasing, it's taking longer for homes to sell.
Mr. Orr expects that April and May should be strong months... relative to February and March, but maybe not compared to last year. While he anticipates a seasonal slow down in the summer, he doesn't see any significant movement in prices. Most of the gain in prices since last year occurred last spring and stopped in the summer.
When going to this link, note that you can listen to the podcast and also read the transcript. The podcast is followed by a second podcast which is well-worth listening to. In that podcast, Michael Orr goes into great detail on the state of the market.
No Early Spring for Phoenix Real Estate
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