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

Once again, we are seeing a significant decrease in listing inventory this week, which is good news, however...once again, it is being driven by foreclosures which are continuing to erode property values.

Reviewing the Phoenix MLS data for the same period one year ago, pending sales have increased again to a 76% inrease over the same time period in 2008; and the percentage of closed escrows have increased 65% over the same time period last year.  Once again, this information, along with melting inventory is positive news.

Current Conditions in the Phoenix Market:

Today there are 41,363 single family detached listings actively being marketed in MLS.  That is a decrease of another 732 listings in the past week.

Total listings (including condos, town-homes, and patio homes) active in MLS today is 50,901.

The overall absorption rate (the number of listings going pending, versus the number of active listings on the market) remains at 15% this week.