Please, visit our web site at www.pacellagroup.com for additional information, or to view properties for sale.

Inventory is melting quickly with snow birds finally realizing their dream of a vacation home in Arizona can be a reality; investors recognizing the value of income producing rental property; and of course the unprecidented low interest rates and $8,000 tax credit for first time buyers.

Kris Price of Homeowner's Financial Group and I will be conducting complimentary first time home buyers workshops (which applies to anyone that has not owned a home in the past three years) during the month of April.  Please contact me at (602) 908-7177 or besavoy@msn.com to reserve your seat.

Reviewing the MLS data for the same period one year ago, the Phoenix market is continuing to see inventory melting.  In the past 30 days there have been 6,589 closed escrows (properties sold), which is a 63% increase over the same time period last year.  There are 13,614 pending sales in the pipeline, which is an increase of 80% over the same time period last year.  The affordability index in the Phoenix market right now is over 100%.

Current Conditions in the Phoenix Market:

Today, there are 38,339 single family detached listings actively being marketed in MLS.  That is a decrease of 834 listings in one week.  We are once again seeing multiple offers on properties.  If we continue at this pace, we could see market stabilization on the horizon.  The inventory Valley wide is at a 7 month supply, but varies by specific area.

Total listings, including condos, patio homes and townhomes, active in MLS today is 47,873.

The overall absorption rate (the number of listings going pending versus the number of active listings on the market) has remained at 18%, which is certainly a much healthier number than the 5% we were watching in January of 2008.

If you have any questions regarding our market, or opportunities to take advantage of it, we would be delighted to be of service.