The Phoenix metro area's strong seller market from 2005 has gone to a complete reversal in 2008. The large amount of supply has created a buyer's market with record inventory levels. Prices have declined approximately 28% year over year. I anticipate 2008 to continue as a year for correction, with the market starting to recover and sure enough, March came in like a Lion and we are maintaining that stronger trend!!
November Residential Highlights Y-T-D prices are down approximately 28% through September 08 for the metropolitian area. Closed sales are still increasing year over year with 4,395 closed sales in November, however the Average Days on Market has increased to 101. These are very positive figures for the last several months, showing that we have possibly hit bottom as closed sales have continued to creep up and have increased every month since Sept. 2007 with the exception of January 2008. Pending sales also showed a jump and are on track to continue to improve. New listings are continuing to decrease, a very good sign that we are finally selling off the excess inventory. An interesting side note is that Expired and Cancelled listings has also declined showing that the homes on the market are truly the homes that must sale. Current inventory levels are now at a 10 month supply. Now is the time to take advantage of the great buyer opportunities while they are still there! The inventory is great, prices are amazing, and many sellers, including banks, closing assistance, as well make repairs. If you are interested in what your home is currently worth or would like information on purchasing, please contact me at 480-355-8645 or ginamckinley@remax.net for a Free Market Analysis or Buyer Information Packet. You may also view my Featured Properties at www.LocateArizonaHomes.com
Approximate Location Boundaries: The Entire Phoenix Metropolitan Area
Location Characteristics: The Valley of the Sun, as the Phoenix metro area is affectionately called comprises Phoenix and the surrounding areas know as the East Valley cities of Tempe, Chandler, Gilbert, & Mesa, and Scottsdale. The West Valley cities of Glendale, home to the new Cardinals stadium, Peoria, Avondale, Litchfield Park, Surprise, and Buckeye.
Myself, my husband Dan and our two children live in Ashley Park of Chandler. We have relocated around the country with corporate relocations before finally settling in Arizona over eleven years ago. My personal experience with buying and selling as well as my business education gives me a unique perspective in helping my clients with their needs. I am also active in my community, donating time to the local schools and my church. I also am a sponsor of Phoenix Rescue Mission.
I'm dedicated to selling homes in Arizona. I have over 11 years of experience and with awards such as "Multi-Million Dollar Producer," and the prestigious "RE/MAX 100% Club," you know I'm a dedicated professional working with you to achieve your home selling or purchase goals.
I'm a Certified Residential Specialist and an Accredited Buyer Representative. My experience, additional levels of education, and certifications means there is no other agent more suited to help you buy your new home or sell your current one.
After all, our goal is to "Locate your Arizona Home"!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
