Phoenix real estate - Market update February 2009

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

Ummm folks. It's time to buy.  The Phoenix real estate is starting out 2009 at a much healthier pace than the previous year. Year over year units sold blew last year's figures away, more than doubling January 2008'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 February's numbers through the week ending 2/28/09:

Active Listings: 11,818 (down 8% from January '09)

Homes Pending: 2,968 (up 30% from January '09)

Homes sold in last 30 days: 1,611 (up 11% from January '09, up 191% from Feb. '08)

Burn rate (Inventory on market/by homes sold last 30 days) = 4 months supply

Avg. Sale price (Solds): $114,926 (Down 14% from January '09, Down 56% from Feb. '08)

Avg. price per sq. ft. (Solds): $64.89 (Down $8 per Sq. Ft. from Jan. '09, Down 56% from Feb. '08)

Avg. Days on Market (Solds): 119 (Up 2 days from Jan. '09, Down 14 days, 11% from Feb. '08)

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Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hi Jerry, It's always interesting to look at market reports from other areas.  I have an Uncle that lives out in Phoenix that was selling real estate.  Have to check in and see how it goes for him.

Mar 07, 2009 11:08 AM #1
Steve Hall
RE/MAX United - San Marcos, CA
Make the Call to Hankins and Hall

30% is a VERY significant increase!! Unless your are is similar to ours in that many escrows are falling apart.

Mar 09, 2009 12:36 PM #2
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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