A Second Generation Of Excellence Serving You™

Where Is The Phoenix Housing Market Now?

Published On: July 8, 2010

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 verify any and all information presented in this format.

Where Is The Phoenix Housing Market Now? That's a good question. At present, according to the Cromford Report based out of Phoeniux, AZ... and I qoate. we now have a market where supply is roughly equivalent to demand. The period when demand outstripped supply from May 18, 2009 to July 1 , 2010. "

We are now at a crossroads. We will either level off and be what is consider a quote unquote " normal market or if the market demand erodes further, we will be in a housing slowdown in the Phoenix area which may take some time to recover. The next several months will tell the tale.

On a more positive note, the slowdown in the Phoenix housing market comparing it to other major markets across the country seems to be in much better shape. Phoenix had a 13.65% drop in  market activity in pending llistings between April & May, 2010 compared to the National Association of Realtors' West region which saw a decline of 20.9%. So relatively speaking Phoenix is pulling a much better rate percentage wise of housing numbers than most of its counterparts on the West Coast.

Please remember housing is local, not regional, and certaily not national. In fact, if you measure this so called slowdown in the Phoenix market, please be aware that there is still currently as of this writing only a 4.7 months supply of housing in the greater Phoenix market. 6 months supply is consider in balance between buyers and sellers and called a       "normal market".

Please call me at 480-703-1414 or email me back at tom@c21seago.com  with comments or to request more information.

Best wishes,

Tom Peterlin

Century 21 Seago, Inc