market: The Phoenix Market is Hot, but Paradise Valley is Smokin'! - 05/20/11 07:45 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO Keller Williams Arizona Realty
www.PacellaGroup.com
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 … (0 comments)

market: The Phoenix Market has Prepared the Cabin for Cross Check! - 04/29/11 07:40 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO, Keller Williams Arizona Realty
www.PacellaGroup.com
 As I look at the month over month increase in absorption, decrease in inventory and stabilization in pricing, I can't keep myself from comparing the Phoenix real estate market over the past several years to a passenger jet.
In late 2007 and throughout 2008, our jet was just parked at the jet way, going nowhere.  In 2009 and 2010 we began preparing for departure and taxiing to the runway.  In reviewing the month to month increase in absorption, I can't help but feel like we have started down … (0 comments)

market: The good, the Bad, and the Ugly in the Phoenix Market - 04/23/11 02:10 PM
Courtesy of Barb Savoy-Pacella, CEO  ~ Keller Williams Arizona Realty  
www.PacellaGroup.com  
The Good All indicators, including all information found on the Cromford Report, which uses MLS data to provide charts and graphs to illustrate the status of our market, indicate that demand is rising and inventory is falling in our market, in impressive ways, in all market segments.  However, the markets under $150,000 in the outer lying areas such as Maricopa, Buckeye, Queen Creek and Anthem are currently experiencing the most dramatic absorption of inventory.  In 2008, our active inventory was in the neighborhood of 55,000 listings.  Inventory has decreased by almost 50%, since that … (0 comments)

market: Positive Indicators in the Phoenix Market - 04/15/11 07:40 AM
There are positive indicators in the Phoenix market!
Courtesy of Barb Savoy-Pacella, CEO ~ Keller Williams Arizona Realty
www.PacellaGroup.com
The month over month sales figures for March are in, and they are certainly giving us cause to celebrate.  The sales figure for March is 9,933 units, which is the highest level of closings in 66 months!!!  That's right, the last time we experienced that many sales was in July of 2005, smack dab in the middle of the frenzy that was the height of the market.
Additionally, inventory declined 7.5% in March, when compared to February, bringing us to the lowest … (0 comments)

market: Is the Phoenix Rising - 03/18/11 05:36 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS, ~ CEO, Keller Williams Arizona Realty
www.PacellaGroup.com
We have spent the past several weeks looking for clues that perhaps the local economist who have predicted the start of a gradual recovery in the Phoenix real estate market in the third quarter of 2011 may be correct.
Last week, we took note that year over year sales are up, while year over year inventory and pending foreclosures are down indicating that there could be validity to the claims. 
This week, we are exploring the history of "appreciation" (or depreciation as it may be in this case), … (1 comments)

market: Good News in the Phoenix Market - 03/06/11 09:04 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ Chief Executive Officer, Keller Williams Arizona Realty
www.PacellaGroup.com
It is no secret that many things have been impacting the status and possible recovery of our real estate market.  Finding ourselves in the position that we're in began with a sharp and unsustainable level of appreciation, particularly in 2005, followed by the collapse of financial and banking institutions in 2007, and exacerbated by sudden unemployment; so in addition to watching the market itself, it's important to watch some other economic indicators, as well.
I have been noticing what I believe to be positive momentum in … (1 comments)

market: The Long and Winding Road to the Phoenix Market - 02/18/11 01:57 AM
 Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO Keller Williams Arizona Realty
www.PacellaGroup.com 
Although our market has seemed like the "Long and Winding Road," there are some things that have been quite consistent over the past three years.  Areas of the Valley most impacted by distress are actually seeing a seller's market with multiple offers on properties that are only on the market for a few days; and 94% of properties selling are priced under $400,000.
A stable market is considered a 5.5 month supply of inventory (the supply of inventory is calculated based on the volume of homes on the … (0 comments)

market: Could the Luxury Markets in Phoenix be Seeing Signs of Life? - 02/06/11 04:17 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS, CEO Keller Williams Arizona Realty
www.PacellaGroup.com
Could the luxury markets in Phoenix be seeing signs of life?
Most would agree that 2009 and 2010 were very challenging years for the Phoenix area luxury markets, but there is optimism on the horizon. 
Associates at the Paradise Valley and Scottsdale Luxury Tours are reporting luxury properties that are coming onto the market for only a few days and receiving multiple offers.  December 2010 marked the stabilization of the median home price in Paradise Valley for a full twelve month period.
The data indicates that sales in the … (0 comments)

market: The 12 things to be thankful for in the Phoenix real estate market this 2010 holiday season: - 12/17/10 05:01 AM
Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ Director Business Development, Keller Williams Arizona Realty.  www.PacellaGroup.com
The 12 things to be thankful for in the Phoenix real estate market this 2010 holiday season:
1).  Despite the expiration of the tax credit nearly six months ago, sales have remained on pace with 2009.
2).  Although we had a slight swell in inventory for a few weeks this Fall, inventory levels are currently seeing a slight decrease and are also on pace with 2009.
3).  The overall Valley wide absorption rate is approximately 20%, which certainly beats the 5% at this time in 2008.
… (1 comments)