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There are 13,400 listings pending sale in MLS this week, and an additional 3,488 that are pending with a contingency.  There are 3,086 listings that have closed escrow in the past week. 

We have not yet seen how the impact of the typically busy summer selling season will effect inventory.

According to the Cromford Report, the average price per square foot for homes that are selling has increased slightly again this week.

Foreclosure listings make up 17% of the inventory (down 1% from last week), and at the current rate of sale, there is a 2 month supply of foreclosure inventory.

Reviewing MLS data for the same time period one year ago, pending sales are holding steady at an 83% increase over the same time period last year, and closed sales are at a 68% increase (up 1% from last week).

Current Conditions in the Phoenix Market:

Today there are 30,881 single family detached listings actively being marketed in MLS.  That is a decrease of 1,703 listings since last week. 

Total listings, including condos, patio homes, and townhomes active in MLS today is 39,512.

Sales and absorption information is still varying throughout the municipalities.  The overall absorption rate is 25%.  For information regarding activity in a specific area, please contact us www.pacellagroup.com