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

Properties pending sale continue to be strong, however inventory levels have not changed dramatically this week, which is likely due to new listings coming onto the market. We are seeing the number of foreclosures listed decrease, but the number of short sales listed is increasing.

Valleywide data shows a 4 month supply of inventory, and the market under $400,000 is still very strong, however the market in the $750,000 and over range has a hangover of inventory. 

Comparing year over year data, closed transactions are up 57% over the same time period last year, and pending sales are up 36%.

Current Conditions in the Phoenix Market:

There are 25,339 single family detached listings actively being marketed in MLS.  That is a decrease of 399 listings from last week.

Total listings, including condos, patios homes, and townhomes active in MLS today is 33,017.

The absorption rate (the number of listings pending sale, versus the number of listings actively avaialble) is holding steady at 35%, which means that the slowing decrease in inventory would likely be due to more listings coming onto the market rather than a slowing in sales.

The absorption rate and months of supply of inventory are varying throughout the Valley,  For information regarding a specific area in Metro Phoenix, please contact us at www.pacellagroup.com.