Housing Sales Hit Record in Phoenix Scottsdale Glendale AZ- Is it finally over!
Statistics as of Friday, 3/20/2009
The market continues to shift. The supply of available Single Family Detached homes dropped an additional 2% to 38,652. In the past month, closings stayed strong at 6087 to lower the overall supply to 6months. Keep in mind a balanced market is considered 6 months, which makes about 60% of our market a sellers market.
Additionally, pending sales have reached another new high at 12,265. Scottsdale, another area of pendings, is under $1M so it is showing activity. An increase of nearly 30% in pendings has been observed here in the past 3 weeks, so increased sales should be seen over the next few weeks.
The best markets in the Valley at the current time are Phoenix and the West Valley, at 5months each. Following closely is the SE Valley at 5months.
Because of a shortage of realistic financing for JUMBO loans, the higher end continues to lag behind. For $1M+, supply levels are at 4 years for Scottsdale and 5 years for PV.
MLS Statistics
Area Breakdown
Overall Market. Since last week, inventories are down 2%. Active listings total 38,652 with closings in the past month of 6087. This is approximately a 6month supply.
Phoenix. Since last week, inventory levels are down by 2%. Active listings total 8816 with closings in the past month of 1719. This is approximately a 5month supply.
West Valley. Since last week, inventory levels are down by 2%. Active listings total 9644 with closings in the past month of 1800. This is approximately a 5month supply.
NE Valley. Since last week, inventory levels are down by 1%. Active listings total 5691 with closings in the past month of 309. This is approximately a 18month supply.
SE Valley. Since last week, inventory levels are down by 2%. Active listings total 8696 with closings in the past month of 1532. This is approximately a 5month supply.
Scottsdale Over $1M. Since last week, inventory levels are down by 1%. Active listings total 1469 with closings in the last month of 31. This is approximately a 47month supply.
Scottsdale Under $1M. Since last week, inventory levels have not changed. Active listings total 2494 with closings in the last month of 192. This is approximately a 13 month supply.
Paradise Valley. Since last week, inventory levels have not changed. Active listings total 578 with closings in the last month of 10. This is approximately a 58 month supply.
The market continues to shift. The supply of available Single Family Detached homes dropped an additional 2% to 38,652. In the past month, closings stayed strong at 6087 to lower the overall supply to 6months. Keep in mind a balanced market is considered 6 months, which makes about 60% of our market a sellers market.
Additionally, pending sales have reached another new high at 12,265. Scottsdale, another area of pendings, is under $1M so it is showing activity. An increase of nearly 30% in pendings has been observed here in the past 3 weeks, so increased sales should be seen over the next few weeks.
The best markets in the Valley at the current time are Phoenix and the West Valley, at 5months each. Following closely is the SE Valley at 5months.
Because of a shortage of realistic financing for JUMBO loans, the higher end continues to lag behind. For $1M+, supply levels are at 4 years for Scottsdale and 5 years for PV.
MLS Statistics
Area Breakdown
Overall Market. Since last week, inventories are down 2%. Active listings total 38,652 with closings in the past month of 6087. This is approximately a 6month supply.
Phoenix. Since last week, inventory levels are down by 2%. Active listings total 8816 with closings in the past month of 1719. This is approximately a 5month supply.
West Valley. Since last week, inventory levels are down by 2%. Active listings total 9644 with closings in the past month of 1800. This is approximately a 5month supply.
NE Valley. Since last week, inventory levels are down by 1%. Active listings total 5691 with closings in the past month of 309. This is approximately a 18month supply.
SE Valley. Since last week, inventory levels are down by 2%. Active listings total 8696 with closings in the past month of 1532. This is approximately a 5month supply.
Scottsdale Over $1M. Since last week, inventory levels are down by 1%. Active listings total 1469 with closings in the last month of 31. This is approximately a 47month supply.
Scottsdale Under $1M. Since last week, inventory levels have not changed. Active listings total 2494 with closings in the last month of 192. This is approximately a 13 month supply.
Paradise Valley. Since last week, inventory levels have not changed. Active listings total 578 with closings in the last month of 10. This is approximately a 58 month supply.