Phoenix Area Real Estate Update – February 18, 2008


Valleywide, all dwellings

Actives: 56,046

Unsold: 51,172

Under Contract in the Last 30 Days: 4,874 (9% of actives)

Valleywide, single family dwellings

Actives: 46,015

Unsold: 41,818

Under Contract in the Last 30 Days: 4,197 (9% of actives)

Valleywide, luxury homes

Actives: 3,260

Unsold: 3,117

Under Contract in the Last 30 Days: 143 (4% of actives)

East Valley, all dwellings

Actives: 19,440

Unsold: 17,529

Under Contract in the Last 30 Days: 1,911 (10% of actives)

Analysis

Interesting but encouraging data to report again this week.  Total Phoenix housing inventory continues to rise, along with the number of valleywide homes under contract.  Clearly, homes are selling, and in greater numbers than all of 2008 and most of 2007.  Buyers are back!!  Yet, the number of active listings has continued to rise since the beginning of 2007.  Sellers must’ve gotten the hint that “the buyers are back” and still have confidence in Phoenix real estate market.  As long as sellers are listing at realistic 2008 prices, then the increased inventory can be seen as a good thing too…for buyers.  Buyers want plenty of choices and affordable mortage rates and that’s just what they can get right now!  If you’re following market activity and have read our most recent posts, you know that this is true.  If all you read are foreclosure reports and articles about the glory days of 2005, then you might miss out on this tremendous opportunity!

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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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