There was a significant drop in residential resale inventory in March 2009.  In Feb 2009 there were 57,435 active listings and in Mar 2009 there were 48.836.  As of today there are 44,380 residential homes for sale (single family homes, condos etc)

Phoenix Home Prices Still Declining

I get asked a lot- are we at the bottom?  I wish I had a crystal ball. In my opinion once the foreclosure inventory is flushed out, prices will stabilize. Inventory is declining so that is a good sign.

Phoenix Foreclosures

Currently of the active listings, 9947 are foreclosures.

My son asked my last week "if you could live anywhere, where would it be?"  At the time I told him I was very happy where we live now, except I would like to remodel my kitchen.  Then yesterday we drove by "The Pecans" the neighborhood my oldest son loves to drive through, and I changed my answer.  If I were a millionaire- this is were I would build my dream house.

Located in Queen Creek, on the SW corner of Chandler Heights and Ellsworth, the Pecans features the ultimate in luxury living, in a gated 260 acre pecan orchard.

Featuring 3/4 acre homesites and uniquely designed luxury homes with a European flair.  All homes are held to a specific design guide to ensure only the finest homes will be built in this very exclusive community.

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These Gilbert Real Estate Market Statistics Currently there are 2306 Gilbert homes for sale. Inventory is up- compared to June 2008 where there were 2222 active listings at the time the post was written.The number of sold homes and pending sales remain flat. The current absorption rate of es for sale is about 6.5 months.

For the month of July there were:

* New Listings: 636 *

Pending Sales: 403 *

Sold Homes: 354

Listing Status Gilbert AZ Real Esate July 2008 Gilbert AZ Home Listings June 2008

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These Gilbert Real Estate Market Statistics Currently there are 2306 Gilbert homes for sale. Inventory is up- compared to June 2008 where there were 2222 active listings at the time the post was written.The number of sold homes and pending sales remain flat. The current absorption rate of es for sale is about 6.5 months.

For the month of July there were:

* New Listings: 636 *

Pending Sales: 403 *

Sold Homes: 354

Listing Status Gilbert AZ Real Esate July 2008 Gilbert AZ Home Listings June 2008

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There are currently 10,479 active listings (single family homes) for the Phoenix Real Estate Market. For the month of May there where 2561 new listings, 1260 pending sales and 984 sales. The current absorbtion rate or inventory of homes is currently 10.6 months for single family homes in Phoenix.

The average sale price for a Phoenix home in May 2008 was $261,272, compared to an average sales price of $260,111- showing a ever so small increase, but the good news- it did not decrease.

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Currently there are 2012 active listings in the Chandler AZ Real Estate Market. The inventory of single family homes has remained relatively flat. The current absorbtion rate or supply of homes is 5.9 months-approaching a balance market.  The average sales price continues to decline with a 5% drop from April 2008.

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If you are looking for a deal in Phoenix and are thinking about purchasing a bank owned (REO) property in the Phoenix Real Estate Market- you may be facing or reliving 2005, the housing boom that saw multiple offers, as many as 15-20 offers for one home.

As banks are trying to unload these homes, they are slashing the prices, which are bringing the buyers and multiple offers. So be prepared for this new round of bidding wars. The tactic, as it was in 2005, price it right and the price will be bid up.

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Tempe AZ Real Estate-Single Family Homes-Market Statistics May 2008

Current Listings: 520

New Listings: 145

Pending Sales: 110

Sold Homes: 117

The average sales price fell from $303,735 to $270,275 a decrease of 12%.

Tempe AZ Real Estate- Average Sales Price-May 2008

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Queen Creek AZ Real Estate-Market Statistics May 2008

Current Listings: 1705

New Listings: 519

Pending Sales: 425

Sold Listings: 408

Average sales price continues to decline for homes in Queen Creek, home prices fell 5% from April to May 2008. The news is not all bad, however, the number of sold homes is increasing and new listings are decreasing. The current absorbtion rate or inventory of homes is now at 4.17 months, which indicates a shift in the market. With the prices dropping-there are again multiple offers on many homes.

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Here are the May numbers for Gilbert Real Estate-some positive trends are emerging. There are currently 2350 Active listings, with 217 homes are REO/Bank Owned, and 397 are short sales.

The absorption rate is now at about 6 months approaching a balanced market.

Gilbert Real Estate New Listings : 581 Pending Sales: 414 Sold Homes : 379

Gilbert Home Sales-Average Sales Price

Prices continue to decline the average sales priced declined 3% from April to May 2008.

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