Phoenix Housing Market - "Pending" Properties Trends
Pending (under contract to be sold) Listings Year to Date and Prior Years
"Pending" or under contract sales activity has shown impressive growth and resilience throughout the year. This is likely driven by the drop in prices and interest in foreclosed properties that have been sold through Realtors, auctions, and other mechanisms. As well, record-low interest rates and the $8,000 first-time homebuyer tax credit are clearly acting as incentives.
As expected, we have seen a gradual decline in "Pending" sales activity consistent with prior years. It appears that even in the downturn, this cycle cannot be overcome.
However, we may expect to see an uptick in Pending activity from mid- September through end-October as homebuyers interested in taking advantage of the homebuyer tax credit move to find and close on homes before the December 1 deadline.
Note: This chart does not count Active with Contingency properties which are properties that are also under contract and represent approximately 4,500 to 5,500 additional properties that are in process for sale.
Pending Listings Year to Date
We should expect that this curve softens over time with an uptick in September through October due to the interest in the first time homebuyer tax credit. The overall improvement in "Pending," or to look at it differently, buyer demand, is very positive for the year.
Note: This chart does not count Active with Contingency properties which are properties that are also under contract and represent approximately 4,500 to 5,500 additional properties that are in process for sale.
