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June 2009 Phoenix Area Real Estate Market Report

We have now made it halfway through 2009 and in some ways it has flown by, in others, not so much.    Not many people are willing to say we are seeing recovery, and I won’t be bold enough to step out and say it either, but we are still seeing some good signs.  We still have hard times ahead of us, so let’s look at both sides.   

 

 The statistics for the Phoenix area real estate market are still providing some very much needed good news.  June continued the upward trend that we have had going all year, although the increases are slowing.  Sales were up, inventory is down, and once again, the median price went up for the second consecutive month.

 

The information below is sourced from ARMLS data and reflects status as of July 1, 2009 (@ noon). All data reflects only residential real estate, not lots, land or commercial.

 

           

Area

Closed June 2009

Closed May 2009

Closed June 2008

% change from prior month

Total Phx metro

9270

9241

5673

--

Phoenix Metro SFD

8231

8165

5015

<1%

Scottsdale total

619

509

459

22%

Scottsdale SFD

428

349

318

23%

 

Total = entire ARMLS area, SFD= single family detached

 

Sales through the first half of 2009 exceed the first half o 2008 by 67.7%!!!  In Scottsdale that number is 5.1%.  The smaller increase in Scottsdale can be attributed to the larger number of investors and first time buyers looking in lower price ranges.  But sales are up just about everywhere!

 

Median pricing, which is the statistic most quoted in the media continued an upward trend in June.  The Median for June was up 4.2% over May at $125,000.  While this figure is 37.5% lower than June of 2008, it is the second month in a row that the decrease year over year was lower than the month before (May year over year decrease was 42.7%. 

 

In addition to the strong sales levels, we are still seeing strong competition for properties, especially in the sub $100K bracket.  Multiple offers are still commonplace. 

 

Inventory levels also decreased again, with all residential inventory down under 32,000 in ARMLS (as of July 1), and Single family detached down under 25,500.  These levels are barely above what would normally be considered a balanced market.  As I stated last month, there are too many variables with the economy to say it’s balanced yet, but the rules of supply and demand will take hold if we continue to go lower.

 

On the other hand, new listings increased in June.  This number has fluctuated up and down all year, but the expectation is that we will see higher numbers of foreclosed properties hit the market in the next few months.  Additionally, the economic news is still dismal with unemployment rising and consumer confidence lagging.  How much will these factors balance the recent real estate market statistics?  I think it’s anybody’s guess.

 

If there any specific statistics you would like to know about, just let me know at adam@WeAreAZRealEstate.com.

 

Have a great July!


Adam Tarr PC, Associate Broker
Citywide Real Estate and Investments

480-236-7374

Adam@WeAreAZRealEstate.com

www.WeAreAZRealEstate.com

www.AvoidAZForeclosureToday.com

 

 

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