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.
So far in 2010, home sales are showing gains over last year, and the housing market is steadily making progress. 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. The report on March 15th indicates that 27,594 single family houses are up for sale. 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. 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. 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.
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.
In Scottsdale, there were 354 closings in the under $1m market and 1981 active listings, and 53 closings in the over $1m market, where there were 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. This is great news for our communities, home buyers, and those in the market to sell their homes as well!
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