May 4th, 2008 — Market Update
This weekly report will indicate an improvement (indicated in Green) when our “Active Listings” Decrease & our “Pending” and “Sold” Listings Increase.
While the Phoenix Real Estate market is currently experiencing a high inventory of homes for sale resulting in a buyer’s market, our market seems to be making a positive trend. With more buyer activity over the last few weeks, our market’s inventory has continued to fall. The Southeast Valley is now carrying less than a year’s worth of inventory. We will be in a balanced market when we reach approximately 6 months worth of inventory.
We currently have 12.1 months worth of inventory in
Active Listings in MLS.
(Down from 12.7 months last week.)
Arizona Regional MLS Inventory Data
(All dwelling types)
|
55,464
|
Active Listings |
|
|
8,428
|
Pending |
|
|
4,595
|
Sold in Past 30 Days |
|
Sold dates range is 3/30/2008-4/30/2008
Total Listings as of 4/30/2008
Information reliable but not guaranteed.
The Southeast Valley currently has 10.6 months worth of inventory
Active Listings in MLS.
(Down from 11.0 months last week.)
Southeast Valley* MLS Inventory Data
(All dwelling types)
|
19,443
|
Active Listings |
|
|
3,317
|
Pending |
|
|
1,839
|
Sold in Past 30 Days |
|
*Southeast Valley cities include Ahwatukee, Apache Junction, Chandler, Gilbert, Guadalupe, Mesa, Queen Creek, Scottsdale, Sun Lakes and Tempe
Sold dates range is 3/30/2008-4/30/2008
Total Listings as of 4/30/2008
Information reliable but not guaranteed.
|
For more Information visit Chandler Arizona Real Estate. This information was provided by Amy Jones, a multi-million dollar top producing Realtor with RE/MAX Elite.
Amy specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakes & Show Low.
Search the Arizona MLS
March 17th, 2008 — Chandler Arizona, Homes for Sale in Ahwatukee, Homes for sale in Chandler, Homes for sale in Gilbert, Homes for sale in Phoenix, Homes for sale in Tempe, My Listings, Real Estate Chatter
March 7th, 2008 — Breaking News, Market Update, Real Estate Chatter
The Federal Housing Administration (FHA) has TEMPORARILY raised the borrowing limits for government-insured home loans, the U.S. Department of Housing and Urban Development announced Thursday, March 6th 2008.
Updates highlighted HUD’s overall effort to make the processing of FHA loans easier and more cost-efficient so that lenders will be better able to offer FHA-insured loans and expand the availability of affordable financing for potential homebuyers. Down payment assistance from Nehemiah is available on all FHA purchase money loan programs.
What does this mean for the Phoenix area? The FHA maximum mortgage limits for Maricopa & Pima counties have been increased. The new mortgage limit for a single family home in Maricopa county is now $346,250 and Pima county is now $316,250.
An FHA loan allows potential home owners to purchase a home with only 3% down. The seller can contribute up to 6% of the buyers closing costs. Plus the buyer can get 100% of the down payment as a gift from a family member. So it is possible for someone to buy a home with an FHA loan with NO money out of pocket.