PHOENIX PROPERTY CLOSING RATE CLIMBS DRAMATICALLY AS THE AVAILABILITY OF HomeS SEES HUGE DECLINE

Dramatic changes are beginning to take place in our market. The availability of Single Family Detached Homes is decreasing, with a drop below 40,000 this week to 39,828. This fact, combined with previous months closings at 5907, left the market supply at 6 3/4 months.

We haven't seen numbers below 40,000 for Single Family Detached Homes for sale since March of 2007. May of the same year is the last time we had over 5,900 closings.

There have been no pending sales over the 10,000 mark since June of 2005.

If you read newspapers to keep up with current real estate market conditions, doesn't it make you wonder where these facts have been misplaced?

Phoenix continues to hold its place as the best market in the Valley presently, at 5 1/4 months. Following are the West Valley at 6 months, and SE Valley at 6 1/2 months.

Sales are still slow in higher end properties, due to the nearly non-existence of realistic financing above conforming amounts of $417,000.

MLS Statistics

Breakdown by Area

Overall Market. Inventories are down 2% from last week. Total of 39828 active listings with 5907 closings in the last month. About an 6 3/4 month supply.

Phoenix. Inventories are down 2% from last week. Total of 9140 active listings with 1753 closings in the last month. About a 5 1/4 month supply.

West Valley. Inventories are down 3% from last week. Total of 10064 active listings with 1675 closings in the last month. About a 6 month supply.

NE Valley.

Inventories are unchanged from last week. Total of 5728 active listings with 328 closings in the last month. About a 17 1/2 month supply.

SE Valley. Inventories are down 3% from last week. Total of 9000 active listings with 1446 closings in the last month. About a 6 1/4 month supply.

Scottsdale over $1m. Inventories are unchanged from last week. Total of 1497 active listings with 34 closings in the last month. About a 44 month supply.

Scottsdale under $1m. Inventories are down 1% from last week. Total of 2491 active listings with 204 closes in the last month. About a 12 1/4 month supply.

ParadiseValley. Inventories are down 1% from last week. Total of 562 active listings with 15 closes in the last month. About a 37 1/2 month supply.

About the Author:

Maureen Karpinski Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

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