Home Sales Trending Up In 2010
Phoenix and it's neighboring cities in Arizona
, have seen an improvement in the housing market, since the beginning of 2010. Over a 30-day period, there were 7,093 houses sold, and the number of houses on the market is up 1% since the last time they were reported. There were some 27,594 active listings as of March 15th.
As the market continues to grow against 2009 results, it looks like the sales so far are significantly ahead. 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. There were 27,594 single family detached homes on the market, as of March 15th. 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. Last month, 1629 homes closed, equating to approximately a 3 1/2 month inventory of homes. 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.
In the over $1 million market, Scottsdale had 965 active listings and 53 closings, while in the under $1 million market, there were 1981 listings active in the same period, with 354 homes closed. In the more than $1m arena, inventory has decreased by 4%, and in the less than $1m arena, it has gone up by 2%.
This is a very encouraging upward trend that we would like to see continue in Phoenix, as well as it's neighboring cities. This is great news for our communities, home buyers, and those in the market to sell their homes as well!
by: Logan Oulman
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