Scott, It’s finally happened! I am required to change the format of “the Good, the Bad, and the Ugly,” because there seems to be nothing ugly to report, and although a few things might be disappointing, they aren’t necessarily bad! In reviewing information found in the Cromford Report, which analyzes MLS data, the news is VERY encouraging! The Good: Reviewing total market data for all areas and price ranges and comparing the fourth quarter of 2010 to 2011: The supply of active listings has declined by 28% Listings pending sale have risen 55% The number of sales per month have risen by 49% Months of supply has fallen 48% The Cromford Report is officially calling January 22, 2011 the bottom of the overall Phoenix market We are beginning to see positive movement in the luxury market. The price per square foot has been gradually increasing since October 2010. New notices of trustee sale for residential property in Maricopa County totaled 4,200 in April. That is the lowest monthly total since December of 2007! Additionally, 4,500 foreclosed properties sold in April. Fewer notices served than properties sold indicates that weshould be chewing through the foreclosure inventory more rapidly. The supply index will fall below a reading of 100 for the first time since November of 2005! Inventory now stands a t 3.5 month supply, a far cry from the 20.6 months in January of 2008 The Disappointing: * April sales pricesstabilized, but did not begin to increase until the last 10 days of the month. The price per square foot on foreclosures is continuing to decline, however…because the percentage of foreclosures on the market is decreasing and the percentage of equity sales is increasing slightly, it’s not having a dramatic impact on pricing. April did not record as many sales as March, which is unusual. The percentage of short sales are causing havoc with the pending sale price per square foot, due to the lengthy duration of the escrow, which sometimes never closes. The Uncertain: Was March the peak month for sales this year? Will increasing prices lead to weakening of demand, or will the reduction in supply spark a buying frenzy? Listings pending sales are still strong at 13,819, which is a decrease of 264 pending sales over last week. Listings that are active with contingencies account for an additional 7,759 properties. Current Conditions in the Phoenix Market: • There are 22,060 single family detached listings currently in MLS. That is a decrease of 876 listings from last week, andfourteen consecutive weeks of decrease. • There are 26,445 total listings currently active in MLS, which includes condos, townhomes, patio homes and lofts I hope that this ENCOURAGING information will help you to gain your unfair share of the market!