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

Inventory continues to decline in the Phoenix, AZ market, and the average sales price per square foot continues to inch up.  According to the Cromford report, Valley wide, Phoenix is at a 4 month supply of inventory.

Pending sales are up 87% from the same time period last year, and sold properties are up 73%.  The vast majority (94%) of homes that are selling are priced under $400,000.  We are experiencing multiple offers and homes selling in just a few days on properties in good locations that are well priced.

Current Conditions in the Phoenix Market

Today there are 26,324 single family detached listings actively being marketed in MLS.  That is a decrease of 988 listings since last week. 

Total listings, including condos, patio homes, and townhomes active in MLS today is 34,172.  Total listing inventory has decreased by 30% since January.

Absorption (the number of listings pending sale, versus the number of listings actively available) is holding steady in the 34% range. 

The absorption rate, and months of supply of inventory are varying from one area of the Valley to another  For information regarding a specific area, please contact us at www.pacellagroup.com