According to the Cromford Report, the listing success rate Valley wide (the number of listings that sell rather than expiring or canceling) is 63.8% this year, which is encouraging when you consider that last year at this time, it was 41.5% and two years ago it was 29.3%
The vast majority of the sales are currently taking place in the West Valley where Glendale has a 2.7 months supply Peoria has a 3.6 months supply of inventory; versus Scottsdale at 9.2 months, and Fountain Hills at 14.4 months.
Breaking down the data, there is of course a direct relationship between the number of distressed properties in the areas with the lowest supply of inventory, versus the areas with higher supplies of inventory. For example, distressed properties account for approximately 55% of listings available in the 85308 zip code of the Glendale area, versus approximately 16% in the 85258 zip code of Scottsdale.
The market demand remains in the price range under $400,000.
CURRENT CONDITIONS IN THE PHOENIX MARKET:
* There are 24,044 single family detached listings actively on the market today. That is an increase of 27 listings for the week.
* Total listings, including condos, patio homes, and town homes active in MLS today is 31,266.
Absorption rates and months of supply are still varying widely from one area of the Valley to another. Please, let me know if you have questions regarding a specific area.
