Phoenix Housing Market Changing Rapidly

November 11, 2008 by

The Phoenix real estate market is shifting rapidly! September 2008 had the highest number of homes sold in over 30 months according to Arizona Regional MLS! There is a significant upward trend of the number of homes sold. The number of homes pending (under contract, waiting to close) is currently the highest it has been in 3 years.

The latest statistics on Phoenix real estate show the market is heading towards a normal market from a buyers market. A normal market is 7 or less months of inventory. We are now below 9 months of inventory. This is only the second time since 2006 that we are below 9 months of inventory.

Phoenix should be back to a normal market by the second quarter of 2009 at the latest, if the current trend continues. The homeowner’s bail out bill signed by President Bush should further help to stabilize the housing market. Don’t wait too long to take advantage of the cheap home prices we still have in Phoenix!

If you have any questions about the Metro Phoenix Real Estate Market, please feel free to call Marc Brodeur at 1-877-832-3328.

New Listings Active Listings Sold Listings Months Inventory
Sep/2008 14,034 54,651 6,187 8.83
Aug/2008 13,588 55,107 5,639 9.77
Jul/2008 13,527 55,808 5,906 9.45
Jun/2008 13,558 57,208 5,694 10.05
May/2008 13,062 59,060 5,598 10.55
Apr/2008 13,827 60,136 4,808 12.51
Mar/2008 13,521 59,862 4,257 14.06
Feb/2008 13,068 59,410 3,415 17.40
Jan/2008 16,059 56,921 2,870 19.83
Dec/2007 8,976 58,569 3,342 17.53
Nov/2007 11,670 60,583 3,314 18.28
Oct/2007 14,262 60,505 3,422 17.68
Sep/2007 12,921 59,574 3,377 17.64
Aug/2007 14,844 58,823 4,307 13.66
Jul/2007 13,890 57,563 4,686 12.28
Jun/2007 14,335 57,506 5,401 10.65
May/2007 14,820 56,672 5,772 9.82
Apr/2007 15,269 54,993 5,475 10.04
Mar/2007 16,606 52,328 5,906 8.86
Feb/2007 13,707 50,123 4,884 10.26
Jan/2007 15,944 47,277 4,352 10.86
Dec/2006 8,649 48,128 5,325 9.04
Nov/2006 11,416 50,639 5,323 9.51
Oct/2006 13,822 51,295 5,548 9.25

Marc Brodeur, Realtor
www.ThePhoenixExperts.com
1-800-300-0263

Filed Under: Housing Overview, Phoenix Real Estate
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