A recent report by a real estate firm found that the Arizona real estate market is still “in the middle of the pack”, and that the state has a lot of room to grow in terms of sales.
“Arizona is still a pretty strong seller state,” said Robert Rieger, co-founder of the Real Estate Council of Arizona.
“It has a very high sales volume, and we expect to see some good growth going forward.”
The Real Estate Institute of America (REIA) found that sales in Arizona have been rising steadily since 2007.
And according to Rieber, the average sale price is still just shy of $2.8 million.
“As a realtor, I can tell you the price that a buyer would be willing to pay for a home is about $2,000,000,” Riegers said.
“So even if you’re paying $2 million for the property, you’re still probably getting $400,000 to $500,000 in the market.”
In Arizona, the number of homes for sale was 8,082, and the median price was $1.9 million.
And it seems that the sales boom is just getting started.
The REIA expects Arizona to see a 5 percent increase in new listings between January and June 2020, compared to the same period in 2019.
Meanwhile, the state will see a 20 percent increase, as well.
“I think we’re still in the middle, but I think it’s going to be a really good year for real estate,” Riesger said.
As for the state’s most coveted real estate properties, Riebger said he is currently working on a list of Arizona realty sales that could make it onto his next list.