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The Current Greater Phoenix Real Estate Market is a Mixed bag

Published On: July 8, 2009


The Views expressed here are the opinion and only the opinion of the Designated Broker Tom Peterlin. Any informaton gathered and provided from resources such as the Arizona MLS is considered to be approximate in nature. It is strongly recommeded that Buyer & Buyer's agent and Seller & Seller's agent to verify any information provided in this blog for themselves.

The current Phoenix real estate market has settled into about a 4.1 month supply of housing inventory in the overall housing market and a 1 month supply in the bank owned housing supply. Despite national news attention that indicates that it is a real estate buyers market, upward prices in the Phoenix market demonstrates that we are now in a sellers’ market. Contract ratio on bank owned properties is now at 142.5 ( 1.425 contracts for every property) after a high last month of 153.5 ( 1.53.5 contracts for every property) which if we are interpreting it correctly means that buyers have been discouraged by quality and quantity of existing bank owned properties over the last 30 days and are looking elsewhere. The elsewhere is in normal non bank owned properties and short sale properties.

 

The current real estate is sending out some mix signals. Some areas and price points are doing better than others. Pricing from under $100,000 to $350,000 seems to be benefitting the most from the Federal governments’ FHA mortgage programs.  High end properties still are showing weakness in demand due to credit/financing issues. So areas with higher neighborhoods are still experiencing larger housing  inventory supplies than the norm. Properties in those areas need to be key buy priced and be turn key ready by being updated in look, and maintenance free.

 

Currently, there is as of today’s date 07082009 according to the Arizona Multiple listing Service only 18,229 of non bank owned property. Since bank owned properties are in short supply, short sale properties take a lengthy time to process of which many do not close, any kind of bump in the overall greater Phoenix housing demand will create shortages in available housing.

 

Yes, the Phoenix market is a mixed bag. But in relation to the rest of housing market across the United States, we are sitting in much better shape. Phoenix is now in a rising housing market. It is still a great time to buy. It is also an excellent time to sell.

 If interested, please call  me at 480-756-2121 or email me at tom@c21seago.com  with questions or to request more  information.

 

Best wishes,

Tom Peterlin
Designated Broker/Owner
Century 21 Seago, Inc
Quality Service Office
2002, 2004, 2005, 2006, 2007, 2008, 2009
Century 21 Agency since 1982
www.c21seago.com
tom@c21seago.com Local      (480) 756-2121
Toll Free (800) 634-2192
Thinking about a career in real estate, or do you know some one who is thinking about buying or selling real estate? Call Tom at (480) 756-2121 X15 today.