3rd Highest Sales in History of Phoenix Real Estate Market: March 2011

Our Phoenix housing tracker shows a near record sales volume in the Phoenix real estate market for March 2011. Nearly 10,000 MLS homes/listings were sold making this the third highest sales volume in the history of our market. The sales significantly reduced real estate property listings to begin April 2011.

The chart (shown in green) indicates 9,973 transactions, though home sales figures vary within the first week of each month while corrections and updates are made. The only months with higher sales were recorded during the peak of the real estate market. Our Phoenix housing tracker reported the number one sales month as June 2005 with 10,216 MLS homes/listings being sold. The number two month was August 2005 with 10,003 sales.

You'll also notice that the summer months are historically the months that record the best sales. That's because many families time their home purchases to coincide with the school year. Click here to search Phoenix real estate.

One of the most commonly heard questions by real estate agents is: "Has the Phoenix real estate market hit bottom yet?" For a number of reasons the answer is probably a solid "no." However, in our best opinion, we believe they won't drop that much further because of how the banks are controlling the shadow inventory. That being said, home buyers have cast a vote of confidence that, while prices may not be at the very bottom, they are low enough to make a real estate purchase right now.

The chart also illustrates the five months with the highest number of foreclosure-type home sales recorded in the Metropolitan area. Foreclosure type sales are defined as either bank owned (REO homes) or real estate short sales. You can see that March 2011 ranks number three.

More Phoenix housing tracker stats

See this post on my primary blog: March 2011- 3rd Highest Sales in History of Phoenix Real Estate Market - Housing Tracker