Phoenix Real Estate Market Update – #21

The last Phoenix real estate market update was in September of 2009.  I stopped writing them, because they seemed boring.  However, since they’ve been gone, a few of you have mentioned how much like them.  And thus, as part of my 2009 goals to  improve my post frequency, they are now back.

Across all of Maricopa County, there are currently 36,735 single family homes for sale, up by 56 from September. There are 4394 sales currently pending, down by 1082 from September. And 4192 homes closed escrow in the last 30 days, down by 501 from last week. As a result, broader Maricopa County now has 8.8 months of inventory, based on this week’s numbers.

Thus, overall the inventory has changed only slightly from September, however sales are down significantly.  Sluggish sales in December, however, are to be expected, and I’m excited to see what the first quarter of 2009 brings.  If past history holds true, I do expect that next week we will see a significant spike in inventory.

The following is a breakdown of the 11 cities around Phoenix I’m following:

*All data comes via ARMLS, and is presumed to be reliable, but is not guaranteed. All numbers represent single family detached homes only. Condos, townhouses, timeshares, vacant land lots, and manufactured homes are not represented in these numbers. All sold properties were sold in the last 30 days.

The following trend indicators are relative to the previous week’s update:

Positive move upward Positive move downward

Negative move downward Negative move upward .

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