A monthly recap of the housing statistics for March in Phoenix and Scottsdale AZ shows there is a monumental shift happening in our market presently so I want to highlight a few things
Available supply of Single Family Detached homes had a 5% drop to 36,791. Closings continued their strong upward trend at 7139 in the month of March to drop our overall supply to 5 1/4 months. The last time we had over 7000 sales in a month was in the middle of 2006.
Pending sales continue to climb to 12,587, another new high.
Phoenix and the West Valley (Glendale, Peoria, Goodyear) are the best markets in the Valley right now at 4 and 4 1/4 months respectively. The SE Valley Mesa, Tempe, Chandler and Gilbert) at 4 3/4 months is close behind. These markets are all sellers markets! We are seeing a dramatic change in our market.
NOW THESE ARE INTERESTING STATS!
We now have 36791 homes available compared to 45707 in March of 2008, a 20% reduction in available inventory.
We closed 7139 Single Family Homes in March 2009 compared to 4043 in March of 2008, a 77% improvement!
We have closed 16588 homes in the first Quarter of 2009 compared to 9,200 in Q1 2008, an 80% improvement.
We currently have 12,587 pending sales compared to 6400 at this time last year, a 97% increase. This also indicates that we should continue to see an increase in closings. I think that we may go over 8000 closings in the month of April.
Last year at this time we had a 12 month supply of homes and this year, it has shrunk to 5 1/4 months, a sellers market.
When you look at all of the current trends, I think that we are on our way to getting better. It is about time!
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