Phoenix Area Real Estate Update – March 24, 2008

Valleywide, all dwellings

Actives: 56,541

Unsold: 51,099

Under Contract in the Last 30 Days: 5,442 (10% of actives)

Valleywide, single family dwellings

Actives: 46,429

Unsold: 41,706

Under Contract in the Last 30 Days: 4,723 (10% of actives)

Valleywide, luxury homes

Actives: 3,309

Unsold: 3,152

Under Contract in the Last 30 Days: 157 (5% of actives)

East Valley, all dwellings

Actives: 19,562

Unsold: 17,439

Under Contract in the Last 30 Days: 2,123 (11% of actives)


Although there are no major market changes to report again this week, that’s not necessarily bad news.  The number of homes under contract valleywide increased again this week, and the percentage of homes under contract held at 10%.  Ideally of course, sellers would benefit more if the Phoenix housing inventory were to actually decrease.  And it looked as though the inventory was headed down during our Phoenix MLS Housing Inventory Update on March 3, 2008, but apparently it was a brief trend. 

Looking at this from another angle, however, buyers can benefit from the increasing inventory and therefore sellers’ increasing frustration.  If you’re thinking about buying in the next year, don’t miss out on the advantages of a market like this: still favorable mortgage rates, recent drop in median home sales price, nearly 10.4 months of housing inventory…

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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.
Posted in Arizona Real Estate News, For Buyers, For Sellers and tagged . Permalink.
  • Rudolf Hetcher

    Love your site man keep up the good work