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February Sees an Uptick in Real Estate Activity

The month of February has brought an increase in residential real estate sales activity across Arizona. New properties under contract represents the number of new contracts entered into by buyers and sellers and is an indicator of future closed sales activity. Listed below are conditions in Arizona’s two biggest metro areas.

New Properties Under Contract Feb 2015 vs Feb 2014
Tucson +10%
Phoenix +16%

Why the increase? There can be many contributing factors, including consumer confidence, advantageous mortgage rates, flattening home prices in 2014, a healthy inventory of homes to choose from and a harsh winter in other parts of the country, leading to increased interest in Arizona.

Looking at residential closed sales across Arizona this year as compared to last year, we are seeing that some markets are tracking higher and some slightly behind. That being said, the increase in new contract activity in February will help drive more closed sales in the coming months.

Residential Closed Sales Feb 2015 vs Feb 2014 YTD 2015 vs YTD 2014*
Tucson -3% -5%
Phoenix +8% +4%
Green Valley +14% -2%
Sierra Vista -5% +4%

2015 is off to a healthy start. Residential sales activity this year is anticipated to be better than 2014, creating opportunities for both buyers and sellers.

Properties under contract and closed sales data is based on information obtained from the TARMLS, ARMLS, GVSAHMLS and SEAMLS. All data obtained 03/04/2015 is believed to be reliable, but not guaranteed.

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