The Phoenix Real Estate Weekly

Scottsdale, Arizona

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The Phoenix Real Estate Monthly 9/18/09

Posted at The Phoenix Real Estate Weekly by Barb Savoy-Pacella

Sep. 18, 2009

Tagged with: az, foreclosures, market, phoenix, sale, scottsdale

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

The Valley is seeing the traditional sales volume slowing that is anticipated annually at this time, however, sales volume is still up 35% over the mid-August to mid-September time frame a year ago, and pending sales are up 28%.

According to “The Cromford Report,” short sale listings are up 6% over just one month ago, but foreclosure listings are down 9%. Another interesting observation of “The Cromford Report,” the average single family detached foreclosure is 10% larger than it was six months ago (2122 square feet, versus 1928 square feet) suggesting that foreclosures may be moving up the market.

The market demand remains in the price range under $400,000.

CURRENT CONDITIONS IN THE PHOENIX MARKET:

* There are 24,017 single family detached listings actively on the market today. That is an increase of 41 listings for the week.

* Total listings, including condos, patio homes, and town homes active in MLS today is 31,239.

An interesting side note: there are 12,893 properties pending sale and 6,526 under contract with a contingency.

Absorption rates and months of supply are still varying widely from one area of the Valley to another. Please, contact us at www.pacellagroup.com for information regarding a specific area.

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