Phoenix Real Estate Market Update - #27 | Phoenix Area Real Estate Blog

I’m sure many of you are saddened, like me, by the loss of ASU at the hands of Syracuse today in the NCAA men’s basketball tournament. ASU was a #6 seed, beating the Temple Owls in their first round game on Friday. They led that game the entire way, winning in fairly convincing fashion. But today against Syracuse, they were rarely able to gain any momentum, with the Orangemen beating ASU in a manner similar to ASU’s Friday win, fairly convincingly.

Personally, I was quite pleased to see ASU win a game in the tourney. To show they belonged. And while they couldn’t beat Syracuse today, they didn’t embarrass themselves either. I look forward to ASU being tournament bound next year as well, and am grateful for the job Herb Sendek has done with the men’s team. Not since the scandal-laiden years of Bill Frieder, has the men’s basketball program at ASU has been relevant on a national basis, but looking at what we have now, that’s what I’d say Coach Sendek has accomplished. Thank you, and great job men.

Getting to the market update, across all of Maricopa County, there are currently 33,781 single family homes for sale, down by 595 from 2 weeks ago. There are 8542 sales currently pending, up by 826 from 2 weeks ago. And 5157 homes closed escrow in the last 30 days, up by 606 from 2 weeks ago. As a result, broader Maricopa County now has 6.6 months of inventory, based on this week’s numbers.

As you can see, with months of inventory getting very close to the magical 6 month market, greater Maricopa County is close to a balanced market, where price could or should stabilize. It will be interesting to see if that does indeed happen, but the data is there to finally support a price stabilization throughout much of the greater Phoenix area.

City	Homes For Sale	Sales Pending	Sold
Phoenix	8887 229	2660 286	1691 176
Scottsdale	3988 24	380 65	219 3
Mesa	2936 74	797 56	472 57
Chandler	1664 21	396 44	238 34
Glendale	1757 9	590 58	318 34
Goodyear	873 2	264 29	146 17
Tempe	516 14	78 13	48 8
Laveen	490 11	175 22	95 16
Cave Creek	510 8	37 9	34 1
Fountain Hills	489 16	41 8	36 7
Paradise Valley	575 13	12 1	10 1
Carefree	152 5	11 2	6 2

*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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{ 2 comments }

1 Kyle Pearson March 27, 2009 at 10:45 pm: I too watched the ASU/Orange game.. very saddened by the loss, however I am optimistic that Abbott, Glasser, and Kuksics (?) will continue to play well next season. Hopefully Botang starts to develop a little fire as well.
I have heard that there is a new wave of foreclosures about to drop in April and May due to the lifting of a moratorium from lenders. have you heard any news about this?
2 Steve Belt March 27, 2009 at 10:54 pm: Kyle-

Totally agree about ASU.

I haven’t heard anything specific about a new round of foreclosures. However, I also haven’t seen much of a decline in foreclosures recently, which should have gone hand in hand with the alleged moratorium.

The rumor I have heard the most often relates to ARM loans adjusting, which will result in a significant increase in foreclosure inventory. Personally, I’m optimistic that banks are getting smarter now and are allowing people with an ARM loan, that can afford their current mortgage payment, but not one adjusted upward, to stay at their current rate. Hopefully that type of change in lending practices will result in a decline of the rate at which homes are foreclosed on.