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

Don't forget about the "First Time Home Buyers Workshops" taking place on April 21st and 25th.  For more information or to reserve seats, visit the web site at www.pacellagroup.com and click "information request" on the tool bar.

We have over 13,000 listings pending in MLS this week.  That is a greater number of pending listings  than we saw at any time during the height of the market in 2005.  In the overall Phoenix market, the average price per square foot of homes selling actually increased slightly from mid-March to mid-April.

The inventory of foreclosure active listings has decreased to 19% of the market, down from 26% last month.

Reviewing MLS data for the same period one year ago, pending sales continue to climb and are at an 84% increase over this time period last year.  Closed transactions are up 67% over the same time period last year.

Current Conditions in the Phoenix Market:

Today there are 33,773 single family detached listings actively being marketed in MLS.  that is a decrease of 1,485 listings since last week.  Valley wide, inventory is at a six month supply, however, we are seeing most of the inventory melt taking place as investors purchase bargain properties in the outlying communities.  If you would like information regarding a specific area in the Valley, please contact us.

Total listings, including condos, patio homes, and townhomes, active in MLS today is 42,808.

The overall absorption rate (the number of sales going pending versus the number of active listings on the market) Valley wide has increased to 23% this week.  Again, this is an overall Valley average, and absorption is varying from one municipality to the next.