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Listing inventory is melting, which is fantastic news, however only 25% of the listing inventory is comprised of foreclosures, and yet 66% of properties that are selling are foreclosures, which is of course effecting pricing.

Reviewing the Phoenix MLS data for the same period one year ago, once again, pending sales are up 76% versus the same time period last year, and closed escrows are up 64% over the same time period last year.  Additionally, new listings coming onto the market are down 12% over the same time period last year.  The formula of new listings being down 12% and closed transactions being up 64% should be significant to melting inventory, which will ultimately trigger price stabilization.

Current Conditions in the Phoenix Market:

Today there are 41,055 single family detached listings actively being marketed in MLS.  This is a decrease of another 308 listings in the past week.

Total listings (including condos, town-homes and patio homes) active in MLS today is 50,619.

The overall absorption rate (the number of listings going pending, versus the number of active listings on the market) has increased to 16% this week.  That is the highest figure I have seen in nearly two years.