Phoenix Housing Market Improving, According to David Lorti
Property sales up 15% from prior month
June 13, 2008 - The Phoenix housing market is experiencing clear, consistent improvement, according to statistics from the Arizona Regional Multiple Listing Service. Sold and Pending homes have risen month-to-month consecutively for 5 months. The number of properties sold in May rose 15% from April figures. Pending properties increased 9% from the prior month. Meanwhile, the median home price continued to drop, posting a 2% decline since April. For 2008 to date, the median home price has dropped over 7%.
Market Hotspots
Queen Creek and Maricopa lead the Valley in terms of buyer activity with 21% and 19% of properties under contract, respectively, a two-fold increase from the same period a year ago. This is due to the onset of foreclosure-related properties and large decline in home values there (current home values there are 40%-60% of 2006 home values). East Valley cities such as Ahwatukee, Chandler, Gilbert, and Tempe are additional bright spots with 16-20% of properties under contract. Glendale, west of Phoenix, shows improvement with 16% of properties under contract.
| Single family | May 2008 | Change | May 2007 | Change vs. May 2007 |
| Available Inventory | 55,717 | -2.3% | 53,835 | +3.4% |
| Under Contract | 7468 | +9.7% | 6749 | +10.6% |
| Sold | 5,606 | +15.2% | 5774 | -2.9% |
| Ave. Days on Market | 128 days | -5.1% | 106 | +20.1% |
| Median Sold Price | $206,990 | -1.9% | $256,000 | -19.1% |
