Phoenix Area Real Estate Update – December 3, 2007


Valleywide, all dwellings

Actives: 56,357

Unsold: 53,276

Under Contract in the Last 30 Days: 3,081 (5% of actives)

Valleywide, single family dwellings

Actives: 46,312

Unsold: 43,751

Under Contract in the Last 30 Days: 2,561 (6% of actives)

Valleywide, luxury homes

Actives: 3,149

Unsold: 3,034

Under Contract in the Last 30 Days: 115 (4% of actives)

East Valley, all dwellings

Actives: 19,256

Unsold: 18,000

Under Contract in the Last 30 Days: 1,256 (7% of actives)

Analysis

The number of homes under contract since last week has dwindled slightly, but not significantly.  This is good.  Homes are still selling.  More remarkable than the dip in sales is the change in the valleywide housing inventory, down by more than a thousand houses!  Clearly, sellers are getting tired of sitting on the market, not getting any showings, and letting their listings expire.  This is a trend that we started to notice last week during our Phoenix MLS Inventory Update, and we’re okay with this trend.  It helps our inventory levels normalize, and stresses the importance of proper pricing.  Interestingly, in the Phoenix East Valley, the percentage of all dwelling-types under contract in the last 30 days has held at 7% for almost two months (since the October 15, 2007 Update).  That’s a positive market indicator when, legitimately, activity tends to slow down during the winter months.  We approve!

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About Doug Hill

Doug Hill is an Associate Broker with Coldwell Banker Residential Brokerage, and founded The Hill Group with his wife, Kirsten in 2003. Combined, they have helped over 1,000+ clients buy and sell homes in the Phoenix Metropolitan Area. Doug holds a Bachelor's Degree in Business Management & Economics, and is a Navy veteran. He is an active member of the Southeast Valley Regional Association of Realtors on their Professional Standards Board, and he and his wife have had the #1 team for Coldwell Banker in Arizona for multiple years in a row. He loves to read, travel, and spend time with his family and friends.
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