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Phoenix area condominium market stays strong

On Behalf of | Sep 29, 2020 | Firm News |

This year, many Americans have been putting off making big purchases, waiting until the economy stabilizes. With millions of people suddenly out of work, it seems like now would be a terrible time for selling homes. But if that’s true, no one told the Phoenix condominium market.

Recently, the real estate sales and marketing group Polaris Pacific reviewed eight condominium markets in the western United States and found the Phoenix-Scottsdale area had the the most active market in the region. While some areas saw big drops over the past seven or eight months, sales volumes in the Phoenix area remained strong and prices remained stable or rose.

Polaris Pacific also looked at the condominium markets in San Francisco, Los Angeles, San Diego, Silicon Valley, Oakland and Emeryvlille, Seattle and Denver. In most of these areas, the company found drops in the spring, although most have since rebounded. However, the market in Phoenix remained relatively stable.

Analysts believe this stability shows a continued need for housing in the Phoenix area, as well as an optimism that better times are ahead for the metropolitan area. Researchers found a high rate of sales that went through closing, meaning that buyers were content with their decision.

Still, real estate is a risky business. Developers, investors and others can protect themselves from risk by seeking out the help of attorneys with experience in real estate law. Lawyers can help draft and review contracts with construction companies and suppliers, employees and investors. They can also provide knowledgeable advice, and help resolve any disputes that should arise.