JULY REPORT ON PHOENIX HOUSING MARKET

Phoenix real estate market report for June, 2009

shows the following statistics according to The Cromford Report:  Regarding active listings in Phoenix beginning in March-July 2009, actives went from approximately 9,000 down to 6,000 …. about one-third.  In Scottsdale for the same time period March-July, 2009, active listings decreased by slightly less — 4,100 to 3,100 about one-fourth.

In addition, the number of pending listings has dropped a little in most major cities within phoenix.   This is most likely attributable to the economy and the fact that the inventory is down a little.  We will still need to see some movement upward to give us hope that we have indeed turned the corner in the downward spiral and are heading up.

Overall, there’s about a 9 month inventory of homes.  This will vary slightly from city to city and the higher end homes (over $500k) are sitting longer as the pool of buyers for those properties is smaller.  The pending sales are down a little from last month, however, sales are up.  This is a good sign.  We want fewer homes on the market.  This creates “need”.

There are many investors still coming in and buying homes, fixing them and either renting them or turning them around and making a few thousand dollars.  This is a good thing in that fixing the properties that have been foreclosed on only improves the value within an entire neighborhood.

There continues to be good news on the home front as people’s confidence levels come back.  I believe that the jobless rate will keep things in check, but overall the news is positive.  First time homebuyers and investors continue to drive our market.  The higher priced homes move slower, but there is great opportunity out there.