There is some great news in the market this week!
Every time I think that interest rates couldn't possibly go any lower, they prove me wrong! What an incredible opportunity for buyers to purchase more house for the same amount of money due to unbelievably historically low interest rates! We have had a slight swell in the market in recent weeks, so there is certainly inventory to choose from.
Sales for the past twelve months have outpaced sales for the same twelve month period last year by 9% and by 42% for the twelve month period prior to that.
As we have observed for the past 18 months, the level of distress is directly related to the pace of absorption of inventory. Below is the level of distress and absorption by city, which is important to know when helping sellers establish list price, or counseling buyers regarding possible multiple offer situations:
- Anthem - distress 68% / absorption 23%
- Cave Creek - distress 45%/ absorption 17%
- Chandler - distress 62%/ absorption 20.6%
- Fountain Hills - distress 34%/ absorption 12.7%
- Gilbert - distress 69% / absorption 21%
- Glendale - distress 74% / absorption 25%
- Mesa - distress 63% / absorption 20%
- Paradise Valley - distress 20% / absorption 11%
- Peoria - distress 67% / absorption 22%
- Phoenix - distress 65% / absorption 21%
- Scottsdale - distress 35% / absorption 14%
- Tempe - distress 49% / absorption 18%
Current Conditions in the Phoenix Market:
There are 31,510 single family detached listings currently active in MLS. This is a slight decrease, but I'm enthusiastic about seeing a this after many weeks of slight increases. The difference was 85 listings from last week.
There are 38,864 total listings currently active in MLS, including condos, town homes, patio homes and lofts.