Here is another report on the real estate market here in Metro Phoenix. This is put out by Karl Stauffer a long time broker here in the valley. These numbers back up and support what I have been seeing and reporting to you. I wanted to share this with you!
| Phoenix Real Estate Market Analysis
©2011 Karl Stauffer |
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As of the end of February, 2011 All of the trends that I have been tracking for 6 years now are showing amazing strength. There were 8739 closings in February, up over 40% from January. WIth 26,332 homes available for sale, that gives us a market supply of only 3 months. Pending sales continue to increase and now sit at more than 1/2 of available supply.
Market supplies continue to drop with 10% less inventory on the market right now than there was a month ago. These indicators point to an increase in pricing soon.
I attended a major market update conference update last week and an Analyst from UBS said that he thinks we are about 2/3rds of the way through the bank backlog of “shadow inventory”. Once this is cleared, within the next 1 1/2 years, we should start to see steady gains in housing prices once again.
I am not sure about the rest of you, but to find a home in good condition, that is well priced, is extremely difficult and many of them get sold in a day or 2. There is a lot of inventory, even though levels are low, that is just plain “junk”. Most of the REO properties fall in to this category.
The comparison of current active listing change is based on the previous reports’ inventory. Supply numbers are based on the number of closings in the previous month, divided in to the total number of active listings. This data is for Single Family Detached homes only and does not include patio homes, condos, or town homes. Phoenix is searched as a single entity. West Valley is Surprise, Peoria, Sun City, Glendale, El Mirage, Youngtown, Litchfield Park, Avondale, Goodyear, Buckeye, and Tolleson.
NE Valley is Scottsdale, Paradise Valley, Fountain Hills, Cave Creek, and Carefree.
SE Valley is Tempe, Mesa, Gilbert, Apache Junction, Queen Creek, and Chandler.
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| MLS Market Statistics
Breakdown by Area
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Overall Market. Inventories are down 10% from the last report. Total of 26332 active listings with 8739 closings in the last month. About a 3month supply.
Phoenix. Inventories are down 10% from the last report. Total of 6598 active listings with 1351 closings in the last month. About a 5 month supply.
West Valley. Inventories are down 5% from the last report. Total of 5915 active listings with 2142 closings in the last month. About a 2 3/4 month supply.
NE Valley.
Inventories are down 5% from the last report. Total of 3435 active listings with 699 closings in the last month. About a 5 month supply.
SE Valley. Inventories are down 10% from the last report. Total of 5651 active listings with 2087 closings in the last month. About a 2 3/4 month supply. Scottsdale over $1M. Inventories are down 4% from the last report. Total of 677 active listings with 49 closings in the last month. About a 13 3/4 month supply. Scottsdale under $1M. Inventories are down 5% from the last report. Total of 1736 active listings with 469 closes in the last month. About a 3 3/4 month supply. ParadiseValley. Inventories are down 1% from the last report. Total of 350 active listings with 40 closes in the last month. About an 8 3/4 month supply. I hope you find this information useful.
Sincerly,
Karl Stauffer, Associate Broker
Capital Asset Management
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480-652-2004