Phoenix Area Real Estate Update – January 7, 2008


Valleywide, all dwellings

Actives: 53,003

Unsold: 50,224

Under Contract in the Last 30 Days: 2,779 (5% of actives)

Valleywide, single family dwellings

Actives: 43,482

Unsold: 41,192

Under Contract in the Last 30 Days: 2,290 (5% of actives)

Valleywide, luxury homes

Actives: 3,020

Unsold: 2,898

Under Contract in the Last 30 Days: 122 (4% of actives)

East Valley, all dwellings

Actives: 18,218

Unsold: 17,118

Under Contract in the Last 30 Days: 1,100 (6% of actives)

Analysis

Lots of changes in the Phoenix housing inventory in 2008, when compared to December 2007.  Valleywide, inventory is down by almost 6%, but the number of homes under contract over the last 30 days is down too.  This is still good news, though.  The number of active listings reduced by a greater percentage than the number of homes under contract did.  This means that more homes are selling than coming onto the market.  In fact, in the Phoenix luxury home market, the percentage of homes under contact in the last 30 days actually rose.  Apparently, the luxury home market decided not to follow the rest of the crowd this past holiday season!

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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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