Here is the current MLS inventory as of 6/4/08. As you can see, we currently have 9.3 months worth of inventory in Active Listings in MLS. This is down from last week, when it was 10.1 months.
Here are the numbers from the SW Valley:
Here are the numbers from the NW Valley:
Here are the numbers from the SE Valley:
Arizona's Housing Market Is Out Of Control
The numbers don't lie...there are many active listings and very few pending or solds. It is getting more and more competitive as home values drop and adjustable rate mortgages rise! As Realtors, we need to be taking advantage of technology, and strategic pricing to get our listings sold in a timely manner. Pod casting, BLOGGING, Viral Videos should go hand in hand with our traditional methods of selling homes. Foreclosures and Short Sales are out of control and we must understand the laws and processes to help our clients avoid a foreclosure auction.
To get more information on how to avoid being a statistic and Sell Your House Fast in Arizona CLICK HERE.
Whether you are buying or selling a property in Chandler, Gilbert or beyond, my goal is to provide you with the resources and tools you need to make a smart and stress free real estate investment.
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Ahem...I just have to add this- These are stats for the PHOENIX area, the MLS is for the PHOENIX area. Contrary to what most people there THINK, Arizona is NOT only the PHOENIX area.
Declining market is in the eye of the investor, only. Mortgage lenders have begun to remove the 5% loan amount adjustment in Maricopa County and elsewhere. Soon, all lenders will reflect the status quo.
Also, although Fixed rate mortgages may look atttractive, borowers frequently refinance anyway, for whatever reasons. 3-yr adjustables continue to price favorably, and as anyone looking at home prices will concur, prices will certainly be going up from here on out.