PHOENIX METRO HOUSING INVENTORY

We are seeing Phoenix and surrounding area’s supply of home decreasing. Pending sales have picked up significantly, which means our closed sales will reflect that in March. Welcome news for everyone.

We used to consider a normal housing inventory in our market as one with 6 month supply and just recently were up to 11-12 month supply in Phoenix and over 2 years in Scottsdale with Paradise Valley running a close second.  Phoenix is now looking at a 6 ≤ month supply- very nice. South East Valley is looking at 7 and ≤ months housing inventory- still nice, and overall market supply is at 8 and ∏ months. Maybe our Phoenix realtors can entertain a light at the end of this very long tunnel. Scottsdale from 750 up and Paradise Valley luxury homes are still way up there but hopefully is this Housing market actually does continue to move, we will create motion in that sector as well.

Phoenix property supply was down 3%, West Valley 1% and the overall market supply was down 2%. Let’s hope the news media can find this interesting enough to report to the public along with all the foreclosure signs they display on the screen. I am so into some positive news.

NE Valley. Inventories are unchanged from last week. Total of 5721 active listings with 255 closings in the last month. About a 22 1/2 month supply.

SE Valley. Inventories are down 1% from last week. Total of 9424 active listings with 1204 closings in the last month. About an 7 3/4 month supply.

Scottsdale over $1m. Inventories are unchanged from last week. Total of 1499 active listings with 26 closings in the last month. About a 57 3/4 month supply.

Scottsdale under $1m. Inventories are unchanged from last week. Total of 2476 active listings with 159 closes in the last month. About a 15 1/2 month supply.

Paradise Valley. Inventories are up 2% from last week. Total of 568 active listings with 16 closes in the last month. About a 35 1/2 month supply.