In a nutshell, here’s what’s going on in the Phoenix real estate market:
- Sales are up.
- Inventory is down.
- A 3 month’s supply of homes on the market, so it’s a seller’s market. (Ask any active home buyer today!)
- Listing prices are flat.
- Sales prices are down.
- Pending prices indicate prices are still declining.
- Over 75% of the homes on the market, currently under contract, are priced under $200,000.
- Pending foreclosures are still declining.
- The percent of lender-owned home sales is declining also.
- Short sales continue to be a significant part of the market.
- Average days on market remains constant.
And the bottom line is: “Recovery in slow motion”.
For all the details, read:
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