Phoenix Area Real Estate Update – February 11, 2008


Valleywide, all dwellings

Actives: 55,747

Unsold: 51,252

Under Contract in the Last 30 Days: 4,495 (8% of actives)

Valleywide, single family dwellings

Actives: 45,731

Unsold: 41,841

Under Contract in the Last 30 Days: 3,890 (9% of actives)

Valleywide, luxury homes

Actives: 3,247

Unsold: 3,117

Under Contract in the Last 30 Days: 130 (4% of actives)

East Valley, all dwellings

Actives: 19,341

Unsold: 17,605

Under Contract in the Last 30 Days: 1,736 (9% of actives)

Analysis

Similar to last week, the Phoenix real estate market experienced some positive changes again this week!  For the fifth week in a row, the number of homes under contract in Phoenix has increased.  The total inventory also increased, but by a smaller margin, so at least the market is still turning over.

The number of single family homes under contract also increased, this week to 9% of the active listings.  That’s incredible!  We’re headed in the direction of late-2006 levels of activity.

The luxury home market took a noticeable dip in sales this past week, but the luxury home market often moves independently of the overall real estate market.  Moving back to good news, once again the East Valley real estate market continues to impress us!  It, too, saw the highest number of homes go under contract in the last five weeks.  Way to go Phoenix!

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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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  • http://www.foothillsinsider.com Lawrence

    This is good news for the residents of Phoenix that there are large number of Luxury Homes for sale, and the number of homes under contract has increased, The total inventory also increased. This is also to note that the luxury home market has taken a drastic trend in the real estate market.