Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO Keller Williams Arizona Realty
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 market and the current absorption pace). Below a 5.5 month supply is considered a seller's market (more demand than supply) and above a 5.5 month supply is considered a buyer's market (more supply than demand). When representing buyers, or when listing homes for sale, it is important to know what the supply in a given area is.
The following are the current months of supply in the metro area:
|
Anthem |
3.8 |
|
Cave Creek |
6.4 |
|
Chandler |
4.1 |
|
Fountain Hills |
6.8 |
|
Gilbert |
3.8 |
|
Glendale |
3.9 |
|
Mesa |
4.3 |
|
Paradise Valley |
13.6 |
|
Peoria |
4.1 |
|
Phoenix |
4.1 |
|
Scottsdale |
6.2 |
|
Surprise |
3.9 |
|
Tempe |
4.7 |
|
|
|
Current Conditions in the Phoenix Market:
• There are 28,462 single family detached listings currently in MLS. That is a decrease of 624 listings from last week, and three consecutive weeks of decrease.
• There are 34,904 total listings currently active in MLS, which includes condos, townhomes, patio homes and lofts.
For specific information regarding the Phoenix Market, contact us at www.PacellaGroup.com
Comments(0)