So far, 2010 has been a better year for the housing market in Phoenix and surrounding areas of Arizona. Inventories have risen 1% since the last market break down results; on top of this, sales on 7,093 homes have closed in only a single month’s time. 27,594 properties are for sale as of the March 15 report.
Right now, it looks like the number of homes that are selling is better than the number was in 2009. 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. As of March 15th, there were 27,594 single family dwelling detached homes 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. Last month, 1629 homes closed, equating to approximately a 3 1/2 month inventory of homes. 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 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. Since the previous report, the cities of the Northeast Valley, including Fountain Hills, Carefree, Scottsdale, Cave Creek, and Paradise, saw no change as they are still seeing a 7 1/2 month inventory, with 560 closings, and 4,212 currently available properties.
For the less than $1 million home market, Scottsdale had 354 homes closed with 1,981 active listings, and regarding the greater than $1 million market, 53 homes closed with 965 active listings. In the more than $1m arena, inventory has decreased by 4%, and in the less than $1m arena, it has gone up by 2%.
This is a desirable trend, and there are signs that the housing market in and around Phoenix will keep getting better. This is great news for our communities, home buyers, and those in the market to sell their homes as well!
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