Phoenix and it’s neighboring cities in Arizona, have seen an improvement in the housing market, since the beginning of 2010. As of the most recent market break down report, inventories have increased by 1%, and 7093 properties went to closing in just one month. The number of active listings since March 15th, was 27,594.
So far in 2010, home sales are showing gains over last year, and the housing market is steadily making progress. It is expected that there will be a substantial growth in the number of closings in the next few months, thanks to the 40% surge in pending home sales that we are seeing since the beginning of 2010. The number of single family detached homes that were on the market since March 15th, was 27,594. The present market inventory of homes, with 7093 homes going to closing in the last month, is 4 months.
5,681 properties are for sale in the Phoenix area, which reflects a 1% increase over the last reported numbers. 1,629 houses have been closed upon over the last 30 days, which represents a supply that will last for approximately 3 1/2 months. The West Valley area has a better market right now. In fact, it is the best place in all of Arizona. There are 6,489 houses for sale, with 2,118 closings, which translates to a supply that will last 3 months. The cities in West Valley are Buckeye, Avondale, Tolleson, Goodyear, El Mirage, Youngtown, Sun City, Peoria, and Glendale.
In third place, with a grand total of 6,289 active listing for the time frame, along with 1,676 homes closed, which gives this region a currently 3 3/4 month supply, the Southeast Valley includes towns and cities Tempe, Mesa, Chandler, Queen Creek, and Apache Junction. With 4,212 active listing along with 560 homes closed, representing around a 7 1/2 month supply, the Northeast Valley, including towns and cities Scottsdale, Carefree, Cave Creek, Fountain Hills, and Paradise Valley, were unchanged.
For the less than $1 million home market, Scottsdale had 354 homes closed with 1,981 active listings, and regarding the greater than $1 million market, 53 homes closed with 965 active listings. Up 2% in the less than $1 million market, inventories actually dropped 4% from the prior results in the greater than $1 million market.
Hopefully the housing market for Phoenix and the encompassing regions keeps improving, and the overall trend remains intact. For anyone looking to sell their house in the area, as well as for home purchasers and the communities we all love too, this is terrific news!
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