PHOENIX MARKET UPDATE

According the Cromford Report, here are the  

facts concerning sales, pendings and overall statistics regarding the Phoenix real estate market in May, 2009.  This statistical report is provided to anyone who wants to purchase it, however, our board is providing a complimentary trial period through the end of 2009, so I’ll be reporting periodically about what’s going on in the market….statistically speaking.

SCOTTSDALE - ACTIVES:  From a high in March of 4,110 active listings, we are down to 3,882.  Overall the inventory is lower while sales are up.  However, days on the market are up and price per square foot is down.  

PARADISE VALLEY - ACTIVES:  From the highest in March of 581 down to 574.  Keep in mind that the average price is higher and there are fewer homes overall than say Scottsdale.   Pendings are up.  Days on the market are edging toward 1 year.

PHOENIX - ACTIVES:  From a high in early January of 10,871 actives are down to 7,479 this week.  This is due to the lower price point throughout Phoenix which will most likely cater to first time home buyers.  Pendings are up…even from the same time period in 2008, and days on the market are down.

We continue to see positive signs here and there — glimmers of hope if you will.  I would say the  decrease in prices (value) is significant especially if you bought at the high 2004-2006.  However, I am of the mind that if you hold on — can hold on — there will be improvement throughout the next couple of years.  

Should you require more in-depth information, I’d be happy to provide it….just let me know.