The Real Estate Market in the Phoenix metro area continues to show improvement. Almost all cities show a reduction in active listings and steady buyer activity. Interesting to note that homes that are selling are typically NOT short sale listings. We continue to see a high percentage of sales of homes that are well cared for with a seller who has realistic price expectations. This is the type of home that IS selling.
The Southeast Valley in now carrying less than 10 months of inventory. In a normal, balanced market we carry an average of 6 months worth of inventory.
There was 15.7 months worth of inventory in the Southeast Valley during the last week of October, 2007. We have experienced a gradual reduction in that inventory most noticeably over the last 6 weeks and this could be confirming that we have finally hit bottom. If so, we should notice a plateau over the upcoming months with a gradual return to normal appreciation. Good news for homeowners in the East Valley.
Buyers who have been sitting on the fence waiting for prices to stabilize are encouraged to jump off that fence while interest rates are still favorable and inventory plentiful.
HIGHLIGHTS OF THIS WEEK’S REAL ESTATE ACTIVITY IN THE EAST VALLEY
This week, inventories have continued to drop across the board except for Ahwatukee which remained at last week’s inventory of 687 single family homes for sale in MLS and Maricopa which showed a slight increase in inventory.
Chandler, Gilbert, Fountain Hills, Paradise Valley & Scottsdale saw an increase in buyer activity this week.
For a complete inventory report for the Phoenix East Valley visit my Market Conditions Report page.
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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.
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