Home Sales Are Increasing This Year

Phoenix and it's neighboring cities in Arizona

, have seen an improvement in the housing market, since the beginning of 2010. In a month's time, sales on 7093 properties have closed, and inventories are up 1% since the last market break down report. There were some 27,594 active listings as of March 15th.

Right now, it looks like the number of homes that are selling is better than the number was in 2009. Pending sales have increased by more than 40% since the first of this year, which will really increase the number of closings over the next couple of months. The number of single family detached homes that were on the market since March 15th, was 27,594. The present market has 4 months supply, after 7,093 houses closed in just the preceding 30 days.

5,681 properties are for sale in the Phoenix area, which reflects a 1% increase over the last reported numbers. There have been 1629 closings in the last month, which is about a 3 1/2 month supply. Slightly ahead of Phoenix is the West Valley area, the most robust in this market currently. 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. The Northeast Valley (Scottsdale, Paradise Valley, Fountain Hills, Cave Creek and Carefree) remained unchanged from the last report having 4,212 active listings and 560 closings, which is about a 7 1/2 month supply.

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%.

Let's hope this trend keeps up, and the housing market in Phoenix and surrounding areas continues to show improvement. This is great news for our communities, home buyers, and those in the market to sell their homes as well!

by: Nathan Oulman

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