July 2009 Phoenix Area Real Estate Market Report
Welcome to August! Many students have already started back to school here in the
The statistics for the
The information below is sourced from ARMLS data and reflects status as of August 3, 2009 (@ noon). All data reflects only residential real estate, not lots, land or commercial.
Area |
Closed July 2009 |
Closed June 2009 |
Closed July 2008 |
% change from prior year(same month) |
Total Phx metro |
9059 |
9270 |
5682 |
54.5% |
|
7969 |
8231 |
5194 |
53.4% |
|
568 |
619 |
445 |
27.6% |
|
395 |
426 |
298 |
32.6% |
Total = entire ARMLS area, SFD= single family detached
Median pricing, which is the statistic most quoted in the media remained stable in July at $125,000. While this figure is 34.5% lower than July of 2008, it is the third month in a row that the decrease year over year was lower than the month before.
In addition to the strong sales levels, we are still seeing strong competition for properties, especially in the sub $100K bracket. Multiple offers are still commonplace.
Inventory levels also decreased again, with all residential inventory down under 31,400 in ARMLS (as of Aug. 3), and Single family detached down to just over 24,000. These levels are barely above what would normally be considered a balanced market. In fact, statistically, according to the Cromford Report,
New listings decreased slightly in July. This number has fluctuated up and down all year, but the expectation is that we will see higher numbers of foreclosed properties hit the market in the next few months. There are only a few months left to take advantage of the $8000 tax credit for first time buyers and many people are heeding the news of the bottom being reached and diving in to take advantage. The many bargains available, combined with the tax credit, and good interest rates are pushing many people off the fence. Stay tuned!
If there any specific statistics you would like to know about, just let me know at adam@WeAreAZRealEstate.com.
Have a great August!
Adam Tarr PC, Associate Broker
Citywide Real Estate and Investments
480-236-7374