For the housing market in both Phoenix and the encompassing areas of Arizona, 2010 has proven to be a stronger year, thus far. As of the most recent market break down report, inventories have increased by 1%, and 7093 properties went to closing in just one month. As of March 15th, there were 27,594 active listings.
As the market continues to grow against 2009 results, it looks like the sales so far are significantly ahead. Houses that are pending sale are up in excess of 40% since the first part of January, which is going to translate in more completed sales in the months to follow. There were 27,594 single family detached homes on the market, as of March 15th. Based on 7,093 closings over the past month, the number of houses on the market will last for 4 months.
In Phoenix, there are a total of 5,681 active listings and inventories are up 1% since last report. There have been 1629 closings in the last month, which is about a 3 1/2 month supply. Slightly ahead of Phoenix is the West Valley area, the most robust in this market currently. With 6,489 current active listings, Peoria, Glendale, Surprise, El Mirage, Sun City, Goodyear, Litchfield Park, Youngtown, Tolleson, and Buckeye, which make up the West Valley, had closed 2118 properties, giving this area a 3 month inventory.
In third place, with 6,289 listings currently available, and 1676 homes closed for the same period of time, the Southeast Valley of Tempe, Gilbert, Chandler, Mesa, and Apache Junction are averaging a 3 3/4 month supply. With 4,212 active listing along with 560 homes closed, representing around a 7 1/2 month supply, the Northeast Valley, including towns and cities Scottsdale, Carefree, Cave Creek, Fountain Hills, and Paradise Valley, were unchanged.
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. Inventories were down 4% since last report in the over $1m market, and up 2% in the under $1m market.
This is a desirable trend, and there are signs that the housing market in and around Phoenix will keep getting better. Home sellers, home buyers, and our neighborhoods on the whole, are enjoying a boost from this trend!
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