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For those who like good news/bad news scenarios, you will enjoy this week’s report….

The good news is that we have seen a steady decline in the percentage of inventory of foreclosure property over the past several weeks (currently foreclosures make up just 14% of the active inventory).   The other good news is that although we have been hearing for some time that another wave of foreclosures is imminent, according to Net Value Central, of the properties currently owned by the bank that are not yet on the market, the vast majority is comprised of vacant land that went back to the banks after builder failures, rather than residential resale.

The bad news is that foreclosures overall still seem to be the only segment of the market seeing a price per square foot increase with short sales and seller owned properties still seeing declines.

CURRENT CONDITIONS IN THE PHOENIX MARKET:

There are 24,061 single family detached listings actively on the market today.  That is a decrease of 9 listings for the week.

Total listings, including condos, patio homes, and town homes active in MLS today are 31,339.

For absorption rate information and months of available supply for a specific area in the Valley, please contact us at www.pacellagroup.com