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June 2011 Phoenix, Maricopa County Statistics Say “It’s A Seller’s Market”

Jul 13

filed under: Buying A Home, Market Conditions, Real Estate

What took place in the Phoenix, Maricopa County real estate market for the month of June deserves a Wow! moment. Active listings dropped 2,320 units over the beginning of last month. As of the 6th of July we are now down to 28,887 listings including single family homes and condos. Sales as of the 6th of July were up to 10,512, that’s up 739 units from the month of May.

We currently have a 2.6 months supply of inventory. If we take out the AWC (properties that have existing offers in on them with contingencies) contracts, we are at a 2.1 months supply. For the most part a balanced market has been considered to have a 3-4 months supply of inventory. Guess what. . we are in a seller’s market!

Also the market segment pie chart below tells you the amount of distressed properties that are listed and sold. Short sales represent 27% of the closings in June compared to last months 21%, and 39% of the active listings for a 3.9 months supply. The total for distressed properties is 68% of the sales last month. The listing success rate has risen up to 74.3% and for Short Sales it is at an all time high of 63.9%. Bottom line short sales are getting easier to close!  Hallelujah for that!

In Maricopa County for the month of June 2011 we had 9,450 closings vs. 9,353 in June of 2010. This is a 1% increase over last year and last year we had that famous tax credit. In addition we had a 3% increase in the median price, currently $124,000 in Maricopa County.

So what does this all mean, will this pace of home sales continue in the Phoenix, Maricopa county area, are we turning a corner? I can’t answer that question, but the numbers represent that the housing market is certainly not as bad as the media might have you believe. Its also great to finally report some positive statistics.

Written by Howard Harris