Loading ...Courtesy of Barb Savoy-Pacella, ABR, CNRS, CHMS Director Business & Career Development ~ Keller Williams Arizona Realty
The Phoenix market certainly has it’s ups and downs, but one thing has been VERY consistent over the past year. Properties listed over $400,000 only account for 7% of what has been selling for the past year. In the month of April, 73% of all properties sold were listed under $200,000; and approximately 20% of what sold was in the mid-range between $200,000-$400,000.
Has the market hit bottom? The median sales price has fallen 52% from the market high of June 2006, however, it is up 10% over this same time period last year.
Equity sales held 40% of the inventory that closed in March, matching the 40% held by REO sales, while short sales made up 20% of the market.
The absorption rate (the number of pending listings versus the amount of available inventory) is 27.7% Valley wide, which is very promising when the historical percentage over the past two years is reviewed.
Current Conditions in the Phoenix Market:
There are 25,935 single family detached homes actively on the market in MLS. That is an increase of 370 listings for the week.
There are 32,034 active listings in MLS, which includes patio homes, town homes, condos and loft properties.
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