For the housing market in both Phoenix and the encompassing areas of Arizona, 2010 has proven to be a stronger year, thus far. As of the most recent market break down report, inventories have increased by 1%, and 7093 properties went to closing in just one month. As of March 15th, there were 27,594 active listings.
So far in 2010, home sales are showing gains over last year, and the housing market is steadily making progress. It is expected that there will be a substantial growth in the number of closings in the next few months, thanks to the 40% surge in pending home sales that we are seeing since the beginning of 2010. As of March 15th, there were 27,594 single family dwelling detached homes for sale. The present market has 4 months supply, after 7,093 houses closed in just the preceding 30 days.
5,681 properties are for sale in the Phoenix area, which reflects a 1% increase over the last reported numbers. 1,629 houses have been closed upon over the last 30 days, which represents a supply that will last for approximately 3 1/2 months. Right now, the healthiest housing market is the West Valley area, which is inching out Phoenix by just a small amount. With 6,489 current active listings, Peoria, Glendale, Surprise, El Mirage, Sun City, Goodyear, Litchfield Park, Youngtown, Tolleson, and Buckeye, which make up the West Valley, had closed 2118 properties, giving this area a 3 month inventory.
In third place, with 6,289 listings currently available, and 1676 homes closed for the same period of time, the Southeast Valley of Tempe, Gilbert, Chandler, Mesa, and Apache Junction are averaging a 3 3/4 month supply. With 4,212 active listing along with 560 homes closed, representing around a 7 1/2 month supply, the Northeast Valley, including towns and cities Scottsdale, Carefree, Cave Creek, Fountain Hills, and Paradise Valley, were unchanged.
In Scottsdale, 1,981 properties are for sale and there were 354 closings in the less than $1m arena. In the more than $1m arena, there are 965 properties for sale and 53 closings. Inventories were down 4% since last report in the over $1m market, and up 2% in the under $1m market.
This is a desirable trend, and there are signs that the housing market in and around Phoenix will keep getting better. Home sellers, home buyers, and our neighborhoods on the whole, are enjoying a boost from this trend!
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