Fletcher Wilcox poses this question in his most recent Wilcox Report Update. In the end you will have to decide for yourself, but the update provides detailed charts along with a variety of resources to search for more information.
Meanwhile, Phoenix continues to lead Las Vegas on the road to recovery by about six months. NAR’s Chief Economist Lawrence Yun made an insightful market presentation in Las Vegas on July 13, 2013. The chart below from Dr. Yun’s presentation shows that there is still a 20% gap in prices between Phoenix and Las Vegas.
The Current Phoenix Market
Single family detached (SFR) closings for July 2013 are up 1.7% from last month. Meanwhile, YTD closings of SFR homes continue to keep pace with last year’s closing units. The SFR median closed sales price has risen 19.4% since the beginning of the years and now stands at $197,000.
Susan Kraemer’s Market Update
Susan Kraemer is a Branch Manager and Business Development Coach with Prudential Arizona Properties. Each month she puts together a very in-depth Maricopa County statistical report replete with numerous charts that clearly illustrate what is going on. Please take time to download this exceptionally well presented report.