Courtesy of Barb Savoy-Pacella, ABR, CHMS ~ CEO Keller Williams Arizona Realty
www.PacellaGroup.com
I realize that good news is not typically sensation, but I'm still baffled that the media is not talking about the positive news in the Phoenix Market.
The Phoenix Metro area market continues to be extremely active. We are observing multiple offers on properties listed for just a few days, all the way into the $800,000 price ranges.
What could drive the market into an even greater frenzy in the $300,000 price range is the news that the FHA conforming loan limit for Maricopa County may be reduced from the current $346,250 to $271,050 on October 1st. Buyers wishing to capitalize on the low down payment requirements of FHA who are looking in the $275,000 and higher range will have need to act quickly in the coming months to identify and close on a home before the limit reduction.
The Cromford Report indicates that in the 30 day period from May 17th to June 16th, sales prices of foreclosure properties and equity sales increased, however the sales prices for short sales decreased. Although short sales did make a slight gain in market share for the month, foreclosures and equity sales together accounted for almost 80% of sold inventory.
Overall absorption in all price ranges in the Phoenix Metro area is 33%. In other words, 1/3 of homes on the market are selling each month. In the lower price ranges, absorption is as high as 48%, and absorption is above 20% in all price ranges under $425,000.
Listings Pending Sale are still strong with a total of 13,625. That is a decrease of 95 pending listings compared to last week. Listings that are active with contingencies account for an additional 8013 properties.
Current Conditions in the Phoenix Market:
- There are 17,745 single family detached listings, currently active in MLS. That is a decrease of 180 listings from last week. The decrease has slowed, however this represents the twenty-first consecutive week of decrease.
- There are 22,247 total listings currently active in MLS, which includes condos, patio homes, townhomes, and lofts.
For additional information, or to view homes for sale, visit www.PacellaGroup.com
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