The Arizona Regional Multiple Listing System (ARMLS) just released their real estate report for Quarter 1 2009. The information is relevant to the overall market health. The Trends article, “Changing Season, or Changing Market”, is interesting and provides definitions for some of the frequently used real estate terms we are hearing lately. For instance, when you hear statistics referring to “Months Supply’, this is defined as the inventory divided by the number of sales in the most recent period (or supply / demand). Most ‘experts’ agree that for our area a 4.1 months supply is the norm – meaning the monthly market supply does not favor either buyer or seller.
There are many reports available computing current ‘Months Supply’ as well as other pertinent real estate statistics for individual cities and zip codes. If you would like more details for a city or even a specific zip code, feel free to contact me for additional information.
The Economic and Market Watch Report for Quarter 1 2009. – compares Q4 2008; Q1 2009 and projects Q2. 2009.
The real estate market actually started to boom in April and May with record numbers of home pending and closing escrow. As of 5/06/09, there are an amazing 12,438 Single Family Homes PENDING sale And a total of 13,870 total properties Pending in the MLS. Now the Valley-wide Months of Supply is at 4.1 months supply. A whopping 94% of the sales were under 400,000. Many of the short sale and foreclosure properties are being sold, often with multiple offers. There area actually areas of the valley that are now considered a 'sellers market'.
Bottom line, the market is improving! The good news for the housing market is that the indicators are pointing to a healthy home sale activity for the second half of this year.
Search the Scottsdale and Pheonix Multiple Listings for properties currently listed for sale.
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