Phoenix Real Estate Market remains dominated by Phoenix foreclosures.
The number of active listings around Phoenix remained virtually unchanged from February to March of 2010. As seen in the chart, property listings hit a several year low in September 2009. They have been gradually increasing since that time. The chart also indicates how far active listings have dropped since 2008, thereby accounting for the swing in the market from a complete buyer's market to a market that has evened out in Phoenix. Real estate listings in some locations around the Valley have sparked a seller's market because of extreme competition for low priced Metro Phoenix foreclosures. It's no surprise since real estate prices in the Phoenix housing market are at their lowest levels in 10-years.
The chart also shows that 41.2% of all listings in the Phoenix area are foreclosures. I am defining foreclosures as bank owned homes and short sales.
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