Loading ...Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS ~ Director Business & Career Development for Keller Williams Arizona Realty ~ www.PacellaGroup.com.
Avoiding anything unforeseen, the current market conditions appear to be improving.
You may have noticed that I have been watching the appreciation forecast weekly. It’s hard to believe that last year at this time it was -43.5%. In recent weeks, we have observed week over week improvement, and appreciation is +10.5% this week.
Two years ago, the Valley wide absorption rate was 5%. There is still a direct relationship between areas of largest distress and absorption, however, all areas of the market are seeing improvement in absorption. The luxury markets are still proving to be the slowest to show improvement:
Phoenix Metro 26.3%
Luxury (over $1mil) 5.3%
Cave Creek 18.0%
Chandler 24.9%
Fountain Hills 16.7%
Gilbert 29.0%
Glendale 31.4%
Mesa 28.4%
Paradise Valley 8.9%
Peoria 25.7%
Scottsdale 15.8%
Tempe 19.5%
Across all markets, absorption was 30-40% in the price ranges under $200,000.
Current Conditions in the Phoenix Market:
* There are 26,858 single family detached homes actively on the market in MLS. That is a decrease of 365 listings for the week.
* There are 34,396 active listings in MLS, which includes patio homes, town homes, condos and loft properties (versus approximately 50,000 listings in the market two years ago).
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