Loading ...Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS
Director Business & Career Development
Keller Williams Arizona Realty
www.PacellaGroup.com
(480) 767-3009
I hate to sound like a broken record (if you are under the age of 35, records were vynil discs that were used to store music prior to CDs, i-pods or MP3 players, and they sometimes became broken or scratched and repeated the same lyric over and over), but distress is playing a major factor in the inventory and movement of our market. Areas that have already experienced a high level of distress and are now moving through their inventory are beginning to see appreciation, while those who have not experienced a high level of distress are not. To illustrate, please note the percentage of distress and resulting appreciation in the following major cities:
percentage distress – annual appreciation
Chandler 67% -0.5%
Gilbert 64% -4.9%
Glendale 63% 8.4%
Mesa 75% 5.3%
Phoenix 67% 20%
Scottsdale 24% -3.1%
Surprise 74% 8.3%
Tempe 41% -6.6%
Valley wide, the price ranges under $350,000 are experiencing a seller’s market and have less than 5 months of inventory. The price ranges under $200,000 have less than 3 months of inventory.
Current Conditions in the Phoenix Market.
There are 26,169 single family detached homes actively on the market in MLS. That is a decrease of 804 listings for the week.
There are 33,415 active listings in MLS, which includes patio homes, town homes, condos and loft properties.
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