So far, 2010 has been a better year for the housing market in Phoenix and surrounding areas of Arizona. In a month’s time, sales on 7093 properties have closed, and inventories are up 1% since the last market break down report. 27,594 properties are for sale as of the March 15 report.
As the market continues to grow against 2009 results, it looks like the sales so far are significantly ahead. Pending sales have increased by more than 40% since the first of this year, which will really increase the number of closings over the next couple of months. The report on March 15th indicates that 27,594 single family houses are up for sale. Based on 7,093 closings over the past month, the number of houses on the market will last for 4 months.
5,681 properties are for sale in the Phoenix area, which reflects a 1% increase over the last reported numbers. There have been 1629 closings in the last month, which is about a 3 1/2 month supply. The West Valley area has a better market right now. In fact, it is the best place in all of Arizona. There are 6,489 houses for sale, with 2,118 closings, which translates to a supply that will last 3 months. The cities in West Valley are Buckeye, Avondale, Tolleson, Goodyear, El Mirage, Youngtown, Sun City, Peoria, and Glendale.
In third place, with a grand total of 6,289 active listing for the time frame, along with 1,676 homes closed, which gives this region a currently 3 3/4 month supply, the Southeast Valley includes towns and cities Tempe, Mesa, Chandler, Queen Creek, and Apache Junction. The numbers for the Northeast Valley and the cities of Cave Creek, Carefree, Fountain Hills, Scottsdale, and Paradise Valley, are identical to the numbers on the last report. There are 4,212 properties for sale and 560 closings, which means there is enough supply for 7 1/2 months.
In Scottsdale, 1,981 properties are for sale and there were 354 closings in the less than $1m arena. In the more than $1m arena, there are 965 properties for sale and 53 closings. In the more than $1m arena, inventory has decreased by 4%, and in the less than $1m arena, it has gone up by 2%.
Hopefully the housing market for Phoenix and the encompassing regions keeps improving, and the overall trend remains intact. This is great news for our communities, home buyers, and those in the market to sell their homes as well!
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