For the housing market in both Phoenix and the encompassing areas of Arizona, 2010 has proven to be a stronger year, thus far. As of the most recent market break down report, inventories have increased by 1%, and 7093 properties went to closing in just one month. As of March 15th, there were 27,594 active listings.
It appears that sales are well ahead and the market continues to improve over 2009. It is expected that there will be a substantial growth in the number of closings in the next few months, thanks to the 40% surge in pending home sales that we are seeing since the beginning of 2010. The number of single family detached homes that were on the market since March 15th, was 27,594. Based on 7,093 closings over the past month, the number of houses on the market will last for 4 months.
5,681 properties are for sale in the Phoenix area, which reflects a 1% increase over the last reported numbers. There have been 1629 closings in the last month, which is about a 3 1/2 month supply. The West Valley area has a better market right now. In fact, it is the best place in all of Arizona. There are 6,489 houses for sale, with 2,118 closings, which translates to a supply that will last 3 months. The cities in West Valley are Buckeye, Avondale, Tolleson, Goodyear, El Mirage, Youngtown, Sun City, Peoria, and Glendale.
The Southeast Valley of Tempe, Mesa, Gilbert, Apache Junction, Queen Creek and Chandler came in third place, with 6,289 active listings for the time period and 1676 closings, putting this region at about a 3 3/4 month supply. With 4,212 active listing along with 560 homes closed, representing around a 7 1/2 month supply, the Northeast Valley, including towns and cities Scottsdale, Carefree, Cave Creek, Fountain Hills, and Paradise Valley, were unchanged.
In Scottsdale, 1,981 properties are for sale and there were 354 closings in the less than $1m arena. In the more than $1m arena, there are 965 properties for sale and 53 closings. In the more than $1m arena, inventory has decreased by 4%, and in the less than $1m arena, it has gone up by 2%.
This is a desirable trend, and there are signs that the housing market in and around Phoenix will keep getting better. This is great news for our communities, home buyers, and those in the market to sell their homes as well!
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