Housing Sales Hit Record in Phoenix Scottsdale Glendale AZ- Is it finally over!

Statistics as of Friday, 3/20/2009

The market continues to shift.  The supply of available Single Family Detached homes  dropped an additional 2% to 38,652.  In the past month, closings stayed strong at 6087 to lower the overall supply to 6 ¼ months.  Keep in mind a balanced market is considered 6 months, which makes about 60% of our market a sellers market.

Additionally, pending sales have reached another new high at 12,265.  Scottsdale, another area of pendings, is under $1M so it is showing activity.  An increase of nearly 30% in pendings has been observed here in the past 3 weeks, so increased sales should be seen over the next few weeks.

The best markets in the Valley at the current time are Phoenix and the West Valley, at 5 ¼ months each.  Following closely is the SE Valley at 5 ¾ months.

Because of a shortage of realistic financing for JUMBO loans, the higher end continues to lag behind.  For $1M+, supply levels are at 4 years for Scottsdale and 5 years for PV.

MLS Statistics

Area Breakdown

Overall Market.  Since last week, inventories are down 2%.  Active listings total 38,652 with closings in the past month of 6087.  This is approximately a 6 ¼ month supply.

Phoenix.  Since last week, inventory levels are down by 2%.  Active listings total 8816 with closings in the past month of 1719.  This is approximately a 5 ¼ month supply.

West Valley.  Since last week, inventory levels are down by 2%.  Active listings total 9644 with closings in the past month of 1800.  This is approximately a 5 ¼ month supply.

NE Valley.  Since last week, inventory levels are down by 1%.  Active listings total 5691 with closings in the past month of 309.  This is approximately a 18 ½ month supply.

SE Valley.  Since last week, inventory levels are down by 2%.  Active listings total 8696 with closings in the past month of 1532.  This is approximately a 5 ¾ month supply.

Scottsdale Over $1M.  Since last week, inventory levels are down by 1%.  Active listings total 1469 with closings in the last month of 31.  This is approximately a 47 ½  month supply.

Scottsdale Under $1M.  Since last week, inventory levels have not changed.  Active listings total 2494 with closings in the last month of 192.  This is approximately a 13 month supply.

Paradise Valley.  Since last week, inventory levels have not changed.  Active listings total 578 with closings in the last month of 10.  This is approximately a 58 month supply.