Phoenix and it’s neighboring cities in Arizona, have seen an improvement in the housing market, since the beginning of 2010. In a month’s time, sales on 7093 properties have closed, and inventories are up 1% since the last market break down report. There were some 27,594 active listings as of March 15th.

So far in 2010, home sales are showing gains over last year, and the housing market is steadily making progress. Houses that are pending sale are up in excess of 40% since the first part of January, which is going to translate in more completed sales in the months to follow. There were 27,594 single family detached homes on the market, as of March 15th. 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. Slightly ahead of Phoenix is the West Valley area, the most robust in this market currently. With 6,489 current active listings, Peoria, Glendale, Surprise, El Mirage, Sun City, Goodyear, Litchfield Park, Youngtown, Tolleson, and Buckeye, which make up the West Valley, had closed 2118 properties, giving this area a 3 month inventory.

Right behind Phoenix for the number 3 market in Arizona is the Southeast Valley, consisting of Mesa, Apache Junction, Chandler, Tempe, Gilbert, and Queen Creek. Here, there are 6,289 properties for sale with 1,676 closings, which means there is enough supply for 3 3/4 months. The Northeast Valley (Scottsdale, Paradise Valley, Fountain Hills, Cave Creek and Carefree) remained unchanged from the last report having 4,212 active listings and 560 closings, which is about a 7 1/2 month supply.

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. Inventories were down 4% since last report in the over $1m market, and up 2% in the under $1m market.

Hopefully the housing market for Phoenix and the encompassing regions keeps improving, and the overall trend remains intact. For anyone looking to sell their house in the area, as well as for home purchasers and the communities we all love too, this is terrific news!

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This entry was posted on Sunday, July 25th, 2010 at 3:01 am and is filed under Real Estate.