As I write this, the Phoenix Suns are being handily beaten by the Dallas Mavericks. The game isn’t over, but with the Mavs ahead by 20, well into the third quarter, it’s not looking good for the Suns. A loss to the Mavs will almost certainly mean the Suns are out of the playoffs, as they will be 4 games behind Dallas with just 5 games remaining to be played. This was an awkward year for the Suns, as they rarely seemed in synch player to coach to front office. The injury to Amare Stoudemire, sealing the team’s fate. It’s too bad, too, as Shaquille O’Neill is really playing well of late.
In the real estate world, across all of Maricopa County, there are currently 31,384 single family homes for sale, down by 2397 from 2 weeks ago. There are 9158 sales currently pending, up by 616 from 2 weeks ago. And 6200 homes closed escrow in the last 30 days, up by 1047 from 2 weeks ago. As a result, broader Maricopa County now has 5.1 months of inventory, based on this week’s numbers.
Buying activity in the Phoenix area is now approaching the volume in which price stabilization is likely to be occurring. It’s too early to tell for certain, but in all likelihood, the near free fall of housing prices is probably finding a landing point right now. How long will this pace of activity last? Will prices bounce or rebound a bit? Those are anyone’s guesses. But a significant correction appears to be in hand.
|
City |
Homes For Sale |
Sales Pending |
Sold |
| Phoenix |
8171 |
2759 |
2075 |
| Scottsdale |
3901 |
432 |
254 |
| Mesa |
2692 |
857 |
570 |
| Chandler |
1586 |
430 |
283 |
| Glendale |
1597 |
640 |
382 |
| Goodyear |
789 |
268 |
184 |
| Tempe |
495 |
91 |
60 |
| Laveen |
445 |
183 |
121 |
| Cave Creek |
484 |
48 |
37 |
| Fountain Hills |
456 |
50 |
41 |
| Paradise Valley |
579 |
22 |
6 |
| Carefree |
150 |
10 |
5 |
*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 .
{ 1 trackback }
{ 3 comments }
I’m not too hopeful about next year with the Suns… Nash and Shaq will just be older, heck Nash might jump to New York so he can play with Lebron under D’antoni in 2010, and who knows what will ail Amare. Maybe Kerr can bring in another great “defensive-minded” coach since it worked out so well last time.
Sorry, had to vent there. I sure hope the stabiliztion occurs soon. I’m a little worried that we are getting a false sense of security from these positive numbers as Maricopa county residents have just received a record number of foreclosure notices (10,000+). Hopefully this strong buying activity continues and we can get closer to a true bottom!
Hi Steve…I enjoy reading your blog. It’s chock full of statistics. I agree that it’s too early to tell how this year will pan out. I am always suspicious of the newspaper and the sensationalist headlines to get readers to buy their publication. I believe we have a ways to go but am reading in many different places about multiple offers and new buyers entering the marketplace. I’ll continue to catch up with you as I like the data you provide.
I still can’t believe the Suns went after Shaq. The Suns are a run and gun team and with Shaq in the lineup, it makes them a half court team. I think it would be in there best interest to get rid of Shaq and add some more talent around Amare if they want to compete in the West. Just my 2 cents…
Comments on this entry are closed.