There are currently 10,479 active listings (single family homes) for the Phoenix Real Estate Market. For the month of May there where 2561 new listings, 1260 pending sales and 984 sales. The current absorbtion rate or inventory of homes is currently 10.6 months for single family homes in Phoenix.

The average sale price for a Phoenix home in May 2008 was $261,272, compared to an average sales price of $260,111- showing a ever so small increase, but the good news- it did not decrease.

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Currently there are 2012 active listings in the Chandler AZ Real Estate Market. The inventory of single family homes has remained relatively flat. The current absorbtion rate or supply of homes is 5.9 months-approaching a balance market. The average sales price continues to decline with a 5% drop from April 2008.

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If you are looking for a deal in Phoenix and are thinking about purchasing a bank owned (REO) property in the Phoenix Real Estate Market- you may be facing or reliving 2005, the housing boom that saw multiple offers, as many as 15-20 offers for one home.

As banks are trying to unload these homes, they are slashing the prices, which are bringing the buyers and multiple offers. So be prepared for this new round of bidding wars. The tactic, as it was in 2005, price it right and the price will be bid up.

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Tempe AZ Real Estate-Single Family Homes-Market Statistics May 2008

Current Listings: 520

New Listings: 145

Pending Sales: 110

Sold Homes: 117

The average sales price fell from $303,735 to $270,275 a decrease of 12%.

Tempe AZ Real Estate- Average Sales Price-May 2008

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Queen Creek AZ Real Estate-Market Statistics May 2008

Current Listings: 1705

New Listings: 519

Pending Sales: 425

Sold Listings: 408

Average sales price continues to decline for homes in Queen Creek, home prices fell 5% from April to May 2008. The news is not all bad, however, the number of sold homes is increasing and new listings are decreasing. The current absorbtion rate or inventory of homes is now at 4.17 months, which indicates a shift in the market. With the prices dropping-there are again multiple offers on many homes.

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Here are the May numbers for Gilbert Real Estate-some positive trends are emerging. There are currently 2350 Active listings, with 217 homes are REO/Bank Owned, and 397 are short sales.

The absorption rate is now at about 6 months approaching a balanced market.

Gilbert Real Estate New Listings : 581 Pending Sales: 414 Sold Homes : 379

Gilbert Home Sales-Average Sales Price

Prices continue to decline the average sales priced declined 3% from April to May 2008.

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Apparently, I am an "event" cleaner. I have been cleaning the house this evening and both of my teenage boys asked me "Why are you cleaning" my response "The house is dirty" With 4 dogs and 2 days of rain- there is dirt tracked in from the dogs and the weekly dust bunnies that have collected- It is time to clean, vacuum and remove the dust that collects very rapidly when you live in the boon docks- with dirt roads leading to you house. ..More..

Well probably not, but with the tempature in Phoenix today at 109 today, my dogs sleep all day and come to life when the sun goes down-much like a bat or vampire and after all they have those big canine teeth :)

As a reminder if you are selling your home in Phoenix in the hot summer months here are some things to remember:

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What year is this? 2005- no 2008-and buyers are camping out to buy homes?

Check out the story. Mountain Bridge Blandford’s new community will start selling homes on Saturday. “The developer plans to release at least 75 home sites Saturday morning and possibly more “if there’s enough latent demand,” said Joannie Flatt, a spokeswoman for the development.” more......

New Listings : 573

Pending Sales: 334

Sold Listings: 248

The total number of listings (single family homes) in Chandler is currently 2037 , giving Chandler about a 8 month inventory of homes or absorption rate. Including in the current inventory of homes for sale in Gilbert 168 are bank owned (REO) and 235 are short sales.

In April 2008, 56 of the homes sold in Chandler were REO and 28 were short sales, so the percentage of distressed home sales was approx 34%.

April showed an increase in sales price, but there were several 1 mil + homes that sold, that may be a false positive to this months increase in ave sales price. The average sales price dropped 10% from since Sept 2007.

New listings in Chandler outpaced sales, which will indicate an increased inventory- This is a new metric I will be tracking-Chandler Real Estate inventory (current active listings)

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