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

We are seeing significant shifts in our market.  Many areas of the Valley are under a 5 month supply of inventory (which would be considered a balanced market).  We are seeing multiple offers on homes as buyers recognize value and the opportunity in the marketplace.

Foreclosure listings make up 16% of the overall inventory (down 1% again from last week), but they comprise 64% of properties that are selling.

Reviewing MLS data from the same time period one year ago, pending sales have increased 81%, and closed sales are at a 69% increase (another 1% increase over last week).

Current Conditions in the Phoenix Market:

Today, there are 29,912 single family detached listings actively being marketed in MLS.  That is a decrease of 969 listings since last week.  In the January 9, 2009 edition of "The Phoenix Real Estate Weekly," we reported 43,104 single family detached properties available in MLS.  Listing inventory has decreased by approximately 30% in four months.

Total listings, inlcuding condos, patio homes and townhomes active in MLS today is 38,422.

Absorption (the number of listings pending sale, versus the number of listings actively available)  is varying throughout the municipalities, but the overall absorption Valley wide is 32% this week.  For information regarding activity in a specific area, please contact us at www.pacellagroup.com