For the housing market in both Phoenix and the encompassing areas of Arizona, 2010 has proven to be a stronger year, thus far. As of the most recent market break down report, inventories have increased by 1%, and 7093 properties went to closing in just one month. As of March 15th, there were 27,594 active listings.
As the market continues to grow against 2009 results, it looks like the sales so far are significantly ahead. Houses that are pending sale are up in excess of 40% since the first part of January, which is going to translate in more completed sales in the months to follow. There were 27,594 single family detached homes on the market, as of March 15th. Based on 7,093 closings over the past month, the number of houses on the market will last for 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. Right now, the healthiest housing market is the West Valley area, which is inching out Phoenix by just a small amount. With 6,489 current active listings, Peoria, Glendale, Surprise, El Mirage, Sun City, Goodyear, Litchfield Park, Youngtown, Tolleson, and Buckeye, which make up the West Valley, had closed 2118 properties, giving this area a 3 month inventory.
The Southeast Valley of Tempe, Mesa, Gilbert, Apache Junction, Queen Creek and Chandler came in third place, with 6,289 active listings for the time period and 1676 closings, putting this region at about a 3 3/4 month supply. 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. In the more than $1m arena, inventory has decreased by 4%, and in the less than $1m arena, it has gone up by 2%.
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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