Phoenix Real Estate Market Report-February 2012-Can You Say "Sellers Market"?
Total sales for February of 7,249 represented a 12.3% increase from January. At the present time, there are only 15,648 homes that are currently active on the market in Maricopa County, which has approximately 1.4 million homes. This lack of supply is hurting the overall number of sales metric, but is helping the market in many other ways, which I will go over in this months report.
ARMLS recently released the numbers for February/2012 in their monthly STAT Report, and the results are very positive. Here is a breakdown of what happened in February in the Metro Phoenix Real Estate Market:
Sales (Month over Month)- As stated above, sales were up 12.3% (compared to January), with a total of 7,249 closed listings. Advantage: Seller
Sales (Year over Year)- February/2012 sales of 7,249 were up 1.3% over the February/2011. Anything over 7,000 represents a robust market. Advantage: Seller
New Inventory- We saw a downturn in new listings hitting the market, decreasing by 9.7% over January (8,884 new listings hit the market in February). That being said, remember that as of today, there are only 15,648 active listings on the market, and 8,884 were listed in February/2012. Supply continues to be a major problem for buyers in today's market. More on this later. Advantage: Seller
Read the rest of the Phoenix Real Estate Market Report for February 2012....
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