VALLEY OF THE SUN RE SALES UPDATE

There are signs that the Valley’s real estate market is beginning to rebound.

According to realtor, Don Keys, as of mid-March, over 4,700 homes have sold, compared to 5,400 for all of Februay, 2009.  March of 2008 sales were just over 2,500.  Keep in mind that the foreclosure and short sale market factor into 2009 numbers.

Keys says it is not unusual lately to see multiple offers on one property.  With the abundance of homes for sale, the drastic drop in prices as well as low interest rates have brought more buyers to the table.  Over 11,000 homes are under contract and going through escrow.  That’s more than 2x’s the number seen in recent months.

That being said, perhaps up to 20% of the sales will not close due to unqualified buyers, however, we are still looking at about twic as many pending sales as we normally have and most definitely a sign of a shift in the market.