Scott,
Here we go! The moment we've all been wondering about. Would we see the traditional rise in pending sales anticipated to begin the third week in January annually, or would the "shadow inventory" of foreclosures flood the market?
The results are in. According to the Cromford Report:
* Pending listings are up 5% over the past week.
* It is also anticipated that January will see the fewest notices of trustee sale in approximately 20 months.
During the same week in 2009, we had approximately 20 months of active inventory, versus approximately 7 months in 2010. Additionally, the average sale price per square foot (Valley wide all dwelling types), increased by $2.00 per square foot in the past month.
All of these are certainly positive indicators and reasons to be optimistic.
Current Conditions in the Phoenix Market:
* There are 27,448 single family detached listings currently active in MLS. That is an increase of 128 listings over last week.
* There are 35,015 total listings, including all dwelling types (including condos, patio homes, town homes and lofts).
I hope that this information will be helpful as you work with buyers and sellers this weekend!
Barb
Barb Savoy
Director Business & Career Development
Keller Williams Arizona Realty
(480) 767-3009
No comments:
Post a Comment