Phoenix Market Update

There are currently 57,405 listings in the ARMLS database. Out of those there are 47,219 single family homes listed for sale on our data base. There were 3,449 listings that sold in February. Of those, 2,896 were single family homes that sold.

Those numbers are not as good as I was hoping they would be, but at least homes are selling. At this rate it would take over 16 months to sell all these listings. However, in Phoenix when we hit our peak in the big real estate boom, we had about 30,000 listings so if you subtract this amount from the total listings we only need a little over 7 month to reach normal levels.

I feel that the worst is still to come, but that it will not be as bad as some other source predict it will get. I have seen the return of multiple offers and homes selling for over list price. Be it, the homes are usually Lender Owned properties aggressively priced. However, the sooner our market sells these homes and short sales, the faster the stabilization will occur.

Thus, regular resale homes will not have to compete with outrageously low priced homes that no homeowner can afford to compete. And prices will begin to reach normal levels. Funny, during the boom homes were overpriced, now homes are being under priced.

Things will return to normal, be patient and do your best to persevere.