The Home Improvement Blog

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. 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.

In Phoenix, there are a total of 5,681 active listings and inventories are up 1% since last report. Last month, 1629 homes closed, equating to approximately a 3 1/2 month inventory of homes. But Phoenix is not the greatest recovering market here, the West Valley Area is just ahead of Phoenix. 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 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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