Phoenix Area Housing Market Shows Improvement in 1st Quarter of 2010

March 25, 2010 - PRLog -- So far, 2010 has been a better year for the housing market in Phoenix and surrounding areas of Arizona.  In a month's time, sales on 7093 properties have closed, and inventories are up 1% since the last market break down report.  As of March 15th, there were 27,594 active listings.

It appears that sales are well ahead and the market continues to improve over 2009.  Pending sales have increased by more than 40% since the first of this year, which will really increase the number of closings over the next couple of months.  As of March 15th, there were 27,594 single family dwelling detached homes for sale.  With 7093 homes closing in the last 30 days, the current market supply is 4 months.

In Phoenix, there are a total of 5,681 active listings and inventories are up 1% since last report.  There have been 1629 closings in the last month, which is about a 3 1/2 month supply. Slightly ahead of Phoenix is the West Valley area, the most robust in this market currently.  West Valley, comprised of Surprise, Peoria, Sun City, Glendale, El Mirage, Youngtown, Litchfield Park, Avondale, Goodyear, Buckeye and Tolleson, had 6,489 active listings at the time of this report and 2118 closings, about a 3 month supply.

The Southeast Valley of Tempe, Mesa, Gilbert, Apache Junction, Queen Creek and Chandler came in third place, with 6,289 active listings for the time period and 1676 closings, putting this region at about a 3 3/4 month supply.  The Northeast Valley (Scottsdale, Paradise Valley, Fountain Hills, Cave Creek and Carefree) remained unchanged from the last report having 4,212 active listings and 560 closings, which is about a 7 1/2 month supply.

In Scottsdale, there were 354 closings in the under $1m market and 1981 active listings, and 53 closings in the over $1m market, where there were 965 active listings.  Inventories were down 4% since last report in the over $1m market, and up 2% in the under $1m market.

In Paradise Valley, inventories remained unchanged since last report, with a total of 452 active listings and 28 closings over the past month, which is about a 16 1/4 month supply.

Lets hope this trend keeps up, and the housing market in Phoenix and surrounding areas continues to show improvement.  This is great news for our communities, home buyers, and those in the market to sell their homes as well!

Maureen Karpinski
Find your Phoenix Arizona Property at http://www.cactuscountryproperty.com/city/phoenix.htm
Posted by Cactus Country Arizona Homes & Properties http://www.cactuscountryproperty.com

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