The Phoenix real estate market continued on an upward price trend in the month of October.  The average sale price for homes in Phoenix increased significantly (up 4%) over September. Couple that with September's price increase of 6% and we have some steady price appreciation going on.  And homes are selling much quicker these days as evidenced by the sharply decreasing number of days on market for those homes that did sell.  The bidding wars and multiple offers on well priced homes are continuing and even the well priced non-distressed homes are selling quickly. If you're looking to purchase a home here in the Valley of the Sun, you better make a move soon.

Here are October's numbers through the week ending 10/31/09:

Active Listings: 7166 (up 4% from September '09)

Homes Pending: 4,581 (down 5% from September '09)

Homes sold in last 30 days: 2,162 (up 5% over September '09, up 57% from October '08)

Burn rate (Inventory on market/by homes sold last 30 days) = 2 months supply

Avg. Sale price (Solds): $132,920 (Up 4% from September '09, Down 24% from October '08)

Avg. price per sq. ft. (Solds): $74.13 (Up $2 per sq. ft. from September '09, Down 25% from October '08)

Avg. Days on Market (Solds): 84 (Down 1 days from September '09, Down 29 days, 26% from October '08)

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