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Posted by admin | Posted in Uncategorized | Posted on 04-02-2009

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Good News Around The Phoenix Area: Sales Go Up As Supply Goes Down

Good News Around the Phoenix Area: Sales Go Up as Supply Goes Down

Don’t let the media reports fool you – I question any shadow inventory in the overall market around Phoenix! Tracking ahead of last year, the positive motion of the sales market continues on, as we are now back to a 3 ½ month market supply of homes in the valley. While pending sales continue to increase, supply continues to decrease.

The media claims that there are 50,000 homes in this “shadow inventory.” The homes in question are actually homes that are in various stages of foreclosure. This can often take as long as 9 months. With almost 8000 homes sold in the month of March, about 5000 REO homes every month are being absorbed. 9 months x 5000 means 45,000 homes, which is approximately the 50,000 being portrayed as “shadow.”

In the overall market, there are currently 26,880 single family detached homes on the market. The current market supply is 3 ½ months, and closing volume in the last 30 days is 7917 homes.

The previous reports’ inventory is the basis of the current active listing comparison. Closings from the previous month divided in to the total number of active listings generates supply numbers. The data does not include condos, town homes or patio homes, and includes single family detached homes only.

In the Phoenix area, there are currently 5543 active listings and inventories have decreased 2% from last report. Closings last month were 1817, which means approximately a 3 month supply.

Inventories are down 4% since last report in the West Valley. Currently, 6250 listings are active with 2282 closings over the past month. Approximately a 2 ¾ month supply.

In the NE Valley, active listing total 4139 and inventories decreased 2% from last report. 627 closings last month, approximately a 6 ½ month supply.

Inventories have decreased by 2% from last report in SE Valley. In the last month, there were a total of 6134 active listings with 1934 closings. Approximately a 3 ¼ month supply.

In Scottsdale over $1m, inventories have decreased by 2% since last report. With approximately a 17 ½ month supply, there were a total of 950 active listings and 54 closings in the last month.

Inventories have decreased by about 2% since last report in Scottsdale under $1m. In the last month, there were a total of 1935 active listings and 408 closes. Approximately a 4 ¾ month supply.

In Paradise Valley, there were a total of 442 active listings and 29 closes in the last month. Inventories have decreased by 2% since last report, approximately a 15 ¼ month supply.

Maureen Karpinski

Find your <a href=http://www.cactuscountryproperty.com/city/phoenix.htm>Phoenix Arizona Property</a> at Cactus Country <a href=http://www.cactuscountryproperty.com>Arizona Homes & Properties</a>

About the Author

Maureen has been in the real estate industry for 36 years as an agent and broker/owner of her own company. She prides herself in successful negotiation for both buyer and sellers and in building successful portfolios for investors. She is proud of her Agent friendly office environment that is her own creation and the caliber of real estate agents she has working for her

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