Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO, Keller Williams Arizona Realty
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 the runway and are picking up speed.
Review the chart below to see just how quickly absorption has increased in every major city in the metro area in the past 30 days!
|
City |
March 25, 2011 |
April 29, 2011 |
Increase |
|
Ahwatukee |
24.3% |
25.2% |
.9% |
|
Anthem |
30.5% |
35.2% |
4.7% |
|
Cave Creek |
18.6% |
20.7% |
2.1% |
|
Chandler |
27.2% |
30.7% |
3.5% |
|
Fountain Hills |
17.0% |
19.5% |
2.5% |
|
Gilbert |
30.3% |
33.6% |
3.3% |
|
Glendale |
31.2% |
35.4% |
4.2% |
|
Mesa |
27.0% |
31.1% |
4.1% |
|
Paradise Valley |
8.7% |
12.3% |
3.6% |
|
Peoria |
29.4% |
32.3% |
2.9% |
|
Phoenix |
29.4% |
33.1% |
3.7% |
|
Scottsdale |
17.8% |
20.1% |
2.3% |
|
Surprise |
27.5% |
29.8% |
2.3% |
|
Tempe |
25.5% |
29.1% |
3.6% |
Listings pending sales are still strong at 14,083, which is a decrease of 41 pending sales over last week. Listings that are active with contingencies account for an additional 7,655 properties.
Current Conditions in the Phoenix Market:
• There are 22,060 single family detached listings currently in MLS. That is a decrease of 418 listings from last week, and thirteen consecutive weeks of decrease.
• There are 27,558 total listings currently active in MLS, which includes condos, townhomes, patio homes and lofts
For additional information, or to view homes for sale, visit www.PacellaGroup.com
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