Phoenix area real estate sales up in April
Wow, what a month. April continued the uptrend in the market that we have seen all this year so far. The following statistics are for residential properties only, not including land and lots. April saw tremendous numbers compared April of 2008. Sales throughout the entire
In
Active listings as of May 1, sit at 42,886. Considering April's 8442 sales, we are down to only 5.08 months of inventory. Another positive note is that there are 10,417 properties under contract (pending and contingent) which bodes well for May's numbers. While these numbers are fantastic news, there is the expectation that we will see a small wave of foreclosures raise the inventory levels. Some lenders have forstalled foreclosures to ease the market conditions, but many of those will still happen.
What does all this mean? Once again, I will say the market is still too dynamic to accurately predict what will happen in the market. My personal experience and the market in general show that there is plenty of activity in the low end. In addition to the previously mentioned investors, first time buyers are taking advantage of many beneficial programs that are available. Coupled with low prices and low interest rates, it is foolish for anyone who can qualify to wait. We will continue to see the decline in median and mean prices reported in the media, which gives the negative outlook. We will see these figures continue to drop due to the large amount of foreclosures. But I feel we are basically at the low point on pricing. The deals are out there now. I think it is safe to say that if you could analyze the pricing for a year from now, with today’s prices, you won’t be seeing the drastic drop-off that we are seeing compare to a year ago.
Adam Tarr PC, Assoc. Broker
ABR,CDPE,RSPS, ePro
Citywide Real Estate and Investmetns
Phoenix, AZ
480-236-7374
adam@WeAreAZRealEstate.com