Loading ...Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS Director Business & Career Development ~ Keller Williams Arizona Realty
www.PacellaGroup.com
The Phoenix Metro Area market continues to show signs of strengthening and reason for optimism.
The average rate, Valley wide, at which the market is absorbing active inventory is 26.9%. That number is considerably higher in the price ranges under $200,000.
There is currently a 4.9 month supply of inventory and appreciation is at 9.6% this week.
Reviewing year over year data:
* Sales are up 30% from the same time period last year.
* The average price per square foot is up 10% over the same time period last year.
* Days on Market is down 20% from the same time period last year.
* Days of available inventory is down 45% from the same time period last year.
Are you observing a trend? The sales volume and price are going up as the days on market and inventory are going down.
Current Conditions in the Phoenix Market:
* There are 26,973 single family detached homes actively on the market in MLS. That is an increase of 115 listings for the week.
* There are 34,386 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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