The majority of the Upper West Side is residential so we asked local realtor and Community Partner, Susan Ramsey of The Ramsey Team at Keller Williams for a market update. The residential real estate market affects development and the commercial real estate market and vice vera. It is important to stay up to date on both as we work to bring more commercial development with specialty businesses to our community.
Here is The Ramsey Team's 2019 market update:
"The housing market ebbs and flows just like any other financial market. The 2019 housing market is best described as 'Steady.' This is a GOOD THING! There are no wild up swings or drops in the market, and nothing crazy with inventory. Demand for housing has been slightly behind 2018 numbers but is looking to catch up by the end of April based on pending and under contract homes. Closing time is about 30-50 days after a home goes under contract. Just as 'April showers bring May flowers,' April contracts bring May closings!
Our city is one of the largest growing in the country and has increased in size by nearly 16% since 2010. If the trends continue, Phoenix will surpass Boston in population by 2020. Maricopa County's healthy economy and growing job market are drawing people in from other parts of the country at an amazing rate ensuring residential inventory demand, in turn creating consistent demand and opportunity for commercial growth."
Commercial real estate trends generally follow residential real estate trends, with about a two year lag time. A steady residential real state market is a good sign for the future of commercial real estate development. If you have any questions regarding buying or selling a home in the Northwest suburbs of Phoenix, contact:
The Ramsey Team at Keller Williams Realty
7025 West Bell Road, Suite 10
Glendale, AZ 85308