Visit our web site for additional local information, or to view listings: www.pacellagroup.com

Reviewing the Phoenix MLS data for the same week, one year ago, listing inventory is down by 4%, properties under contract is up 15% and new listings coming onto the market are down 29%, which are all positive indicators. However, the average sales price is also down 36% from this same time period last year.

Just when I think that interest rates cannot dip any lower, I'm proved wrong. Interest rates did inch down again, this week.

Current conditions in the Phoenix Market:

Today there are 43,104 single family detached listings actively being marketed in MLS. That is an increase of 443 listings over last week. We will likely see an increase again next week, as sellers who were waiting until after the holidays to list their homes, put their properties on the market.

Total listings (including condos, town-homes, and patio homes) active in MLS today is 52,465, which is an increase of 644 listings over last week.

The overall absorption rate (the number of listings going pending, versus the number of active listings) has held steady at 11% this week.

With a few exceptions, most lenders are open to re-negotiating loan terms, at this time. If you would like additional information and tools to learn more about the process, please contact me by visiting our web site at www.pacellagroup.com and click on "e-mail" in the upper right hand corner.