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July 2009 Phoenix Area Real Estate Market Report

Welcome to August!  Many students have already started back to school here in the Phoenix area, with many more returning I the next couple of weeks.   Time to start studying in school and in the real estate market.  July statistics reveal we may have achieved some stability.  Many news outlets are doing stories concerning the bottom of the market, and more specifically, that we have hit it.  You may know that I don’t hold much credence to media reporting, and they often follow the market a couple steps behind.  We have seen positive stats for the last couple months and the media now notices that and seeks out the pundits.

 

 The statistics for the Phoenix area real estate market are still providing some very much needed good news although tempered just a little from June.  July saw the first decrease month over month in total sales since the beginning of the year.  Yet sales were still higher than any other month in the last couple of years (except June of course).  The decrease was small though and other statistics still show positive news. Inventory levels are down once again, as is the months supply of inventory.  The median price held stable from June after two months of positive growth.

 

The information below is sourced from ARMLS data and reflects status as of August 3, 2009 (@ noon). All data reflects only residential real estate, not lots, land or commercial.

 

           

Area

Closed July 2009

Closed June 2009

Closed July 2008

% change from prior year(same month)

Total Phx metro

9059

9270

5682

54.5%

Phoenix Metro SFD

7969

8231

5194

53.4%

Scottsdale total

568

619

445

27.6%

Scottsdale SFD

395

426

298

32.6%

 

Total = entire ARMLS area, SFD= single family detached

 

Median pricing, which is the statistic most quoted in the media remained stable in July at $125,000.    While this figure is 34.5% lower than July of 2008, it is the third month in a row that the decrease year over year was lower than the month before.

 

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 31,400 in ARMLS (as of Aug. 3), and Single family detached down to just over 24,000.  These levels are barely above what would normally be considered a balanced market. In fact, statistically, according to the Cromford Report, Phoenix is a seller’s market at this time.   There is approximately 4.23 months of inventory available at the current levels.

 

New listings decreased slightly in July.  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.  There are only a few months left to take advantage of the $8000 tax credit for first time buyers and many people are heeding the news of the bottom being reached and diving in to take advantage.  The many bargains available, combined with the tax credit, and good interest rates are pushing many people off the fence.  Stay tuned!

 

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

 

Have a great August!


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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