Market Udate
for Maricopa County Arizona
Welcome to the weekend! It's more good news this week!
We are continuing to see declines in months of inventory in all cities in the Phoenix metro area.
A balanced market is generally considered to be a 5.5 month supply of inventory. Currently, we only have two cities with inventory above 5.5 months, and those are Fountain Hills and Paradise Valley, however, if you review the chart below, it is significant to see how much those markets have improved in the past 12 months.
Fountain Hills has exhibited a healthy gain in absorption and now has a 6.0 month supply of inventory, which still makes it a buyer's market, but not an extreme buyer's market, and truly on the cusp of a balanced market.
Check out Paradise Valley! Those who know me also know that my passion is rooting for the underdog, whether it be in sports or in life. Paradise Valley has certainly been an underdog for the past few years, but look at her now! In May of 2010, Paradise Valley had a 17.0 month supply of inventory. Today, PV has just 7.2 months of supply! That is a tremendous gain in just 12 months in a luxury market! Additionally, the average sales price to list price is up 91.08%!
|
City |
May 2011 |
May 2010 |
Months Difference |
|
Anthem |
2.2 |
3.0 |
1.2 |
|
Cave Creek |
4.9 |
6.9 |
2.0 |
|
Chandler |
3.1 |
3.9 |
0.8 |
|
Fountain Hills |
6.0 |
7.9 |
1.9 |
|
Gilbert |
2.9 |
4.2 |
1.3 |
|
Glendale |
2.7 |
3.4 |
0.7 |
|
Mesa |
3.0 |
3.7 |
0.7 |
|
Paradise Valley |
7.2 |
17.0 |
9.8 |
|
Peoria |
3.1 |
4.5 |
1.4 |
|
Phoenix |
3.0 |
3.8 |
0.8 |
|
Scottsdale |
5.1 |
6.7 |
1.6 |
|
Surprise |
3.4 |
3.6 |
0.2 |
|
Tempe |
3.8 |
4.1 |
0.3 |
Additional good news this week is that nationally, overall unemployment figures have decreased. As we know, the Phoenix market has amazing affordability right now, and interest rates are still extremely low. Pay attention because I have a feeling that we are sitting smack dab in the middle of one of those "remember when," moments!
Listings Pending Sale are still strong with a total of 14,364. That is an increase of 121 pending listings over last week. Listings that are active with contingencies account for an additional 7995 properties.
Current Conditions in the Phoenix Market:
· There are 19,972 single family detached listings, currently active in MLS. That is a decrease of 597 listings from last week, and the sixteenth consecutive week of decrease. Typically sixteen weeks of a particular pattern is officially a trend.
· There are 24,974 total listings currently active in MLS, which includes condos, patio homes, townhomes, and lofts.
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