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

Inventory continues to melt in the Phoenix, AZ market.  Inventory Valley wide is at a 4.3 month supply and we are beginning to see the average price per square foot increasing slightly.

This week, foreclosures account for approximately 14% of the active inventory, which is down 2% from last week.  According to the Cromford Report, a larger number of foreclosed properties are being purchased by experienced investors on the court house steps and not making it to MLS.

Interest rates increased yesterday, however, today HUD once again announced that it will allow first time buyers to use the $8,000 tax credit toward the downpayment of their purchase.  HUD had originally made the announcement prematurely last week without releasing details regarding the process.  The specifics for the program are still somewhat unclear, but HUD is commiting that it will implement the program. 

Kris Price of Homeowner's Financial Group will be co-hosting a happy hour event for first time home buyers with us on June 4th at Sandbar in Scottsdale.  For details, visit http://firsttimefiesta.eventbrite.com

Current Conditions in the Phoenix Market

Today, there are 27,312 single family detached listings actively being marketed in MLS.  That is a decrease of 470 listings since last week.  The number is weaker than we've seen over the last eight weeks, but the holiday weekend, and high school graduation week may have had an impact.

Total listings, including condos, patio homes and townhomes acitve in MLS today is 35,399.

Absorption (the number of listings pending sale versus the number of listings actively available) is holding steady in the 34% range.  The absorption rate, months supply of inventory are varying from one area to another.  For information regarding a specific area, please contact us at www.pacellagroup.com