As of a few months into 2010, the housing market in certain sections of Arizona, including Phoenix, is improving. In a month’s time, sales on 7093 properties have closed, and inventories are up 1% since the last market break down report. 27,594 properties are for sale as of the March 15 report.
It appears that sales are well ahead and the market continues to improve over 2009. Pending sales have increased by more than 40% since the first of this year, which will really increase the number of closings over the next couple of months. The report on March 15th indicates that 27,594 single family houses are up for sale. The present market inventory of homes, with 7093 homes going to closing in the last month, is 4 months.
A total of 5,681 active listings presently exist in Phoenix itself, and inventories here are also 1% greater than the prior results. There have been 1629 closings in the last month, which is about a 3 1/2 month supply. Right now, the healthiest housing market is the West Valley area, which is inching out Phoenix by just a small amount. There are 6,489 houses for sale, with 2,118 closings, which translates to a supply that will last 3 months. The cities in West Valley are Buckeye, Avondale, Tolleson, Goodyear, El Mirage, Youngtown, Sun City, Peoria, and Glendale.
Right behind Phoenix for the number 3 market in Arizona is the Southeast Valley, consisting of Mesa, Apache Junction, Chandler, Tempe, Gilbert, and Queen Creek. Here, there are 6,289 properties for sale with 1,676 closings, which means there is enough supply for 3 3/4 months. The Northeast Valley (Scottsdale, Paradise Valley, Fountain Hills, Cave Creek and Carefree) remained unchanged from the last report having 4,212 active listings and 560 closings, which is about a 7 1/2 month supply.
For the less than $1 million home market, Scottsdale had 354 homes closed with 1,981 active listings, and regarding the greater than $1 million market, 53 homes closed with 965 active listings. In the over $1 million market, property supplies decreased by 4%, while the under $1 million market saw an increase of 2% in inventories.
Let’s hope this trend keeps up, and the housing market in Phoenix and surrounding areas continues to show improvement. This is great news for our communities, home buyers, and those in the market to sell their homes as well!
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