Mesa Regional Home Sales Trending Up In 2010
For the housing market in both Phoenix and the encompassing areas of Arizona
, 2010 has proven to be a stronger year, thus far. Inventories have risen 1% since the last market break down results; on top of this, sales on 7,093 homes have closed in only a single month's time. 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. Greatly boosting the total closings in the coming few months, pending home sales are up by greater than 40% from the beginning of this year. 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.
Currently, home inventories have increased by 1% since the most recent report, and 5,681 listings are active in Phoenix. Last month, 1629 homes closed, equating to approximately a 3 1/2 month inventory of homes. 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.
Right behind Phoenix for the number 3 market in Arizona is the Southeast Valley, consisting of Mesa, Apache Junction, Chandler, Tempe, Gilbert, and Queen Creek. Here, there are 6,289 properties for sale with 1,676 closings, which means there is enough supply for 3 3/4 months. The numbers for the Northeast Valley and the cities of Cave Creek, Carefree, Fountain Hills, Scottsdale, and Paradise Valley, are identical to the numbers on the last report. There are 4,212 properties for sale and 560 closings, which means there is enough supply for 7 1/2 months.
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.
This is a desirable trend, and there are signs that the housing market in and around Phoenix will keep getting better. This would be wonderful for the cities, people looking to purchase houses, and people looking to sell their houses too.
by: Nathan Oulman
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