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I found it interesting that Barbara Corcoran, real estate contributor for the Today Show specifically cited Phoenix as a city that is already seeing recovery from the housing slump.

Once again, we have seen a decrease in total listing inventory this week.  As I have mentioned in previous postings, this is interesting during a time when we would typically expect to see a swell in inventory.

Reviewing the Phoenix MLS data for the same period one year ago, we are continuing to see an increase in pending sales by 62% over January of 2008, and properties closing escrow have increased by 56% over the same time period last year.  We are still seeing price erosion, but if the inventory continues to melt, that will begin correcting.

Current conditions in the Phoenix market:

Today, there are 42,707 single family detached listings actively being marketed in MLS.  That is a decrease of 293 listings from last week.  That may not seem significant, but if you look at the total decrease for the month, it is almost 2,000 listings.

Total listings (including condos, town-homes, and patio homes) active in MLS today is 52,253 which is a decrease of 304 listings from last week.

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