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

We have 14,094 listings pending in MLS this week, and an additional 3,235 that are pending with contingency (most likely short sales awaiting lender approval).  Overall, properties are selling for an average of 95% of their list price.

According to the Cromford Report, the average price per square foot of properties selling has increased slightly again this week, and there is a 1.6 month supply of foreclosure inventory on the market.

The number of foreclosure listings make up 18% of the inventory this week, which is another decrease, but they are still accounting for 66% of properties that are selling. 

Reviewing MLS data for the same time period one year ago, pending sales are at an 83% increase, and closed sales are at a 67% increase over this time last year. Approximately 80% of properties that are selling, are priced under $400,000.

Current Conditions in the Phoenix Market:

Today there are 32,584 single family detached listings actively being marketed in MLS.  That is a decrease of 1,189 listings since last week.  We are seeing shorter days on market, and multiple offers on agressively priced properties.

Total listings, including condos, patio homes, and townhomes active in MLS today is 41,461.

Sales and absorption information is varying from one municipality to another.  For information regarding activity in a specific area, please do not hesitate to contact us.