It’s March and that means the start of our tourist season begins in full swing. There are high expectations both in the city government and the business community that we will see an increase over last year in absolute number of visitors and the economic impact of their spending. It’s easy to agree with this scenario as the weather has been spectacular, the whale watching is very active, and the city has been busy improving the streets all over town.
I would like to congratulate those who participated and completed the 2015 AMPI Real Estate Diplomado in February. There were 15 people taking the class to become licensed real estate professionals here in the State of Sonora. Additionally, many current real estate agents also participated in order to renew their license. Many thanks to AMPI’s Gretchen Ellinger and her team of assistants and instructors.
With 2014 now in our rear view mirror, I have compiled some macro real estate statistics for the United States and for the Phoenix Metro marketplace that may help to put into perspective the activity of our local real estate here in Puerto Peñasco.
From the National Association of Realtors, for all of 2014 there was a 3.1% decline in the number of sales from 2013. However, the median sale price of existing homes increased by 5.8%.
In the Phoenix Metro market, the total number of sales declined by 5.3% in 2014 from 2013.
Like the national market, the median sales price was 3.4% higher in 2014 than 2013. Inventory continues to shrink which puts upward pressure on sale prices. The fewer number of sold transactions however, may be a result of wage and salary stagnation. When there is a more robust economy specifically in Arizona, we will see a more positive impact here in our local real estate economy.
As reported here last month, our local real estate activity for 2014 showed a decline of the number of sales by 25% while the sales prices reflected a fractional increase over 2013. So in many respects, the Rocky Point market reflects the national market in the US as well as the Phoenix Metro market.
Spring is traditionally a busy time here in Rocky Point not just for tourists and the rental market but also for real estate transactions as well. These next three months are historically an active buying time and it should be no different this year.
If buying or selling I recommend establishing a relationship with an AMPI real estate professional. You will know that you are working with an educated, ethical real estate professional, and that just could be the most important step to realizing your real estate goals for 2015. If you have questions about the information presented here please feel free to contact me. In addition, if you have questions about our market and desire to seek more detailed information please contact a licensed professional from our AMPI organization. A list of members can be found online at www.RockyPointampi.com.
Richard Savino is the Designated Broker for Realty Executives Rocky Point and is a Past President of the Puerto Peñasco chapter of AMPI. He can be reached at firstname.lastname@example.org or 480 707-3822 US.