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

Pending sales slowed slightly last week, but closed sales also increased slightly. According to the Cromford Report, pricing on foreclosed properties is beginning to increase, as is the number of seller owned properties closing each week, which is also slowly driving pricing up.

Valleywide, we are under a 4 month supply of inventory, however, inventory levels are varying from one area of the Valley to another.

Comparing year over year data, closed transactions are up 59% over this same time period last year, however, overall pricing is down 37%.

Current Conditions in the Phoenix Market:

Inventory continues to melt. Today there are 25,738 single family detached listings actively being marketed in MLS. That is a decrease of 586 listings since last week.

Total listings, including condos, patio homes, and townhomes active in MLS today is 33,514.

The absorption rate (the number of listings pending sale, versus the number of listings actively available) has crept up to 35%.

As a reminder, the absorption rate and months supply of inventory are varying throughout the Valley. The forecast provided is Valley wide. For information regarding a specific area, please contact us at www.pacellagroup.com.