February Phoenix area market stats
I am very happy to say that there are some positive statistics to talk about for the end of February in the Phoenix metro market. Last month I was quoting the fact that the total inventory of residential properties for sale had hit the lowest point since April of 2007. Fortunately, that has continued and the inventory level dropped by over 2200 during February and sits at 52,861 as of March 1. This is the total for all residential for sale listings including single family, condo etc. The number of active listings is now the lowest it has been in 2 years!! In addition the months of inventory level has dropped back below 10 months at 9.83. February of last year saw the months of inventory level almost double the current level. This is a factor of higher sales as well as the decrease in total inventory. February saw 5379 sold listings compared with 3439 a year earlier.
There are additional positive indications that this will continue. As of March 1, there were 10905 listings in escrow, either pending or contingent. Of that total, approximately 86% are pending listings which means they are likely to close. Although we can expect to continue to see foreclosures hit the market, the demand for these properties is strong and may keep the inventory levels stable or decreasing.
In
The combination of bargain shoppers, both investors and new first time buyers taking advantage of the low rates, great prices and the $8000 tax credit should keep the market moving in the right direction.
My hope is that I will be able to report similar positive statistics at the beginning of April.
Adam Tarr, Associate Broker
ABR,RSPS,ePro,CNE
RE/MAX Excalibur
480-236-7374
adam@WeAreAZRealEstate.com
www.WeAreAZRealEstate.com