PR Log - Dec 20, 2011 - The year 2012 will be a transition year for the Phoenix real estate market, according to real estate and mortgage expert Jeffrey Smith, Vice President of West USA and Director of the Gallery Collection, West USA’s luxury division. “This market is moving from an ugly past to a bright future,” said Smith. West USA is one of the largest real estate brokerages in the metro area with 1,400 agents and 18 offices.
Smith’s experience includes 30 years in residential and commercial real estate and 25 years in the mortgage banking industry, making him a unique fusion of expertise. Smith cites things such as a dwindling inventory of homes on the market coupled with solid job growth expectations for the Phoenix metropolitan market. “I fully expect that 2012-2015 will be a robust period, especially for the new home builders. Plus, on the resale side there are only approximately 19,000 homes listed for sale in the metro area right now and that is the lowest inventory we’ve had in many years,” he noted. The Arizona Regional Multiple Listing Service shows that in the third quarter of this year, home sales in Maricopa County were up more than 24 percent and the number of days on the market declined by three percent. “While there is still room for improvement in other indicators, the market has demonstrated that we are moving in the right direction,” said Smith. According to the Arizona State University W.P. Carey School of Business, Arizona is expected to add 45,000 jobs next year. “The employment quotient is critical to real estate recovery,” said Smith.
In addition to residential real estate, West USA also specializes in the commercial real estate arena. Smith said the commercial market will lag a year or so behind the residential side, but there are some bright spots. “There are fantastic opportunities in the smaller commercial buildings and the office condo market, ideal for an owner-user, Smith noted. Leasing activity has also picked up. According to Smith, leasing was up 12 percent over a year ago and he expects it to be up another 15 percent in 2012, driven by increased consumer confidence. “When people start spending money, businesses open. It’s that simple,” he noted.
West USA is a debt-free, privately held real estate brokerage in Arizona, with franchises in other states. The company’s expertise includes luxury homes, residential, relocation, property management, rentals, commercial, land, and business sales. For more information: http://WestUSA.com - - -
Master Planned Communications provides public relations and marketing communications for the real estate industry. The company has offices in Fort Myers, Florida and Scottsdale, Arizona.