Valleywide, all dwellings
Under Contract in the Last 30 Days: 5,442 (10% of actives)
Valleywide, single family dwellings
Under Contract in the Last 30 Days: 4,723 (10% of actives)
Valleywide, luxury homes
Under Contract in the Last 30 Days: 157 (5% of actives)
East Valley, all dwellings
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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