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

Inventory is continuing to melt.  Multiple offers on bargain priced properties have become the norm.

Foreclosures are accounting for 17% of the overall inventory, and 64% of properties that are selling.  According to the Cromford Report, there are currently 6505 foreclosure listings on the market, which at our current rate of absorption represents a 1.1 month supply.

Reviewing MLS data from the same time period one year ago, pending sales have increased by 81%, and closed sales have increased 71% (another 2% increase over last week).

Current Conditions in the Phoenix Market:

Today there are 28,856 single family detached listings actively being marketed in MLS.  That is another decrease of 1056 listings since last week.

Total listings, including condos, patio homes and townhomes active in MLS today is 37,203.

Absorption (the number of listings pending sale, versus the number of listings acitvely available) is 32% Valley wide this week.  The absorption rate is varying throughout the municipalities.  For information regarding your area, please contact us at www.pacellagroup.com