Mav Realty

It’s September!  The end of summer, and beginning of fall.  Here in the desert southwest, we don’t get the great fall foliage, but we are just as happy with the cooler temps.  While August was hot and dry, the market did cool slightly, but we still have some positive stats.

As expected, sales were down from July.  This is typical in August every year, as the weather is hot, people are vacationing and kids are getting back to school.  There was widespread media coverage in August that said that we are on the way back up.  This may be a rallying cry that will cause a bump up in sales this month, as people start to jump in because of the news. Additionally, we will start to see winter visitors soon. Year over year statistics continue to show improvement.

 While the sales are down 11.6% from July in the Phoenix area real estate market, they are still up 44.1% from August of 2008. Median pricing held steady for the third month in a row.  Inventory levels are down, mainly due to lower levels of new listings.  Pending and contingent contracts are reaching record levels with over 18K under contract!  

The information below is sourced from ARMLS data and reflects status as of September 1, 2009 (@ noon). All data reflects only residential real estate, not lots, land or commercial.  These numbers can be considered preliminary, and will be shored up by mid month.

Total = entire ARMLS area, SFD= single family detached

Median pricing, which is the statistic most quoted in the media remained stable in August (third month in a row) at $125,000.    While this figure is 32.4% lower than August of 2008, it is the fourth month in a row that the decrease year over year was lower than the month before.  The median in Scottsdale increased for the 2^nd month in a row to $325K

Inventory levels also decreased again, with all residential inventory down to  31,000 in ARMLS (as of Sept.1), and Single family detached down to just over 23,800.  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 5.14 months of inventory available at the current levels, which is slightly higher than last month..

Sales are expected to rise with many first time buyers trying to buy before the tax credit goes away.  We typically see a seasonal rise in September before it falls off again for the holidays in the second half of the fourth quarter. 

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,LLC

480-236-7374

Adam@WeAreAZRealEstate.com

www.WeAreAZRealEstate.com

www.AvoidAZForeclosureToday.com