Phoenix real estate - Market update December '08...

Real Estate Agent with Long Realty West Valley AZ RE Lic. #SA560004000

The Phoenix real estate market finished the year with a bang. Year over year units sold blew November's figures away and more than doubled last year's pace. Prices still continue to decline but the bargain hunters are coming back in full force. If you're looking to purchase a home here in the Valley of the Sun, now's the time. Here are December's numbers through the week ending 12/31/08:

Active Listings: 13,378

Homes Pending: 1,706

Homes sold in last 30 days: 1,517 (up 38% from November '08, up 142% from Dec. '07)

Burn rate (Inventory on market/by homes sold last 30 days) = 9 months supply

Avg. Sale price (Solds): $143,297 (Down 10% from November '08, Down 52% from Dec. '07)

Avg. price per sq. ft. (Solds): $79.22 (Down $7 per Sq. Ft. from Nov. '08, Down 49% from Dec. '07)

Avg. Days on Market (Solds): 103 (Down 7 days from Nov. '08, Down 25 days, 20% from Dec. '07)

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Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Looks like the sellers in your area are getting the message get the price down or it won't sell.

Jan 07, 2009 12:40 PM #1
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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