Phoenix Real Estate Market | 7,586 sales November 2009

Phoenix real estate market closes 7,586 sales in November 2009

The 7,586 residential sales recorded in November 2009 are 559 sales less than those recorded in October 2009. This reduction in sales is considered both normal and cyclical in the Phoenix real estate market. Sales peaked in June 2009 when 9,358 home sales were recorded.

The chart indicates a steady increase in home sales beginning in February and lasting until the peak in June. The steady decrease began in July and continues to date. Although not indicated on the chart, the year over year (YOY) sales in the Phoenix real estate market have now increased for two consecutive years. Sales in October 2007 were 3, 421 and sales in October 2008 were 5,267.

The Town of Maricopa was the only municipality in the Phoenix real estate market that was contrary to the decline in home sales. The Town of Maricopa experienced a slight increase in sales from 224 home sales in October to 235 homes sales and November 2009, a 5% increase.

Around the Phoenix real estate market, Scottsdale was the only other city with home sales consistent with October 2009. Scottsdale experienced a decrease of just under 2%.

I've been on other projects and slow to update these reports. Merry Christmas to all!

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Phoenix Real Estate Market -- December 2009

Residential listings increased for the third consecutive month in the Phoenix Real Estate Market to begin December 2009. That translates into more homes for sale.

The increase in homes for sale began in October 1st, 2009 and has continued for the last three months (in pink).  The 3-month total increase in the number of homes for sale is 1,482 -- or 4.8% from October 1, 2009 -- from when the Phoenix real estate market was at two-year low in the number of residential homes for sale.

The demand for homes in the Phoenix real estate market has been particularly strong in 2009. The demand is due in part to the low prices of foreclosure homes for sale, low interest rates, and the home buyer tax credit. According to CromfordReport.com (who does extensive reporting on the Phoenix real estate market and homes for sale):

The big news in our pending home sales situation is the dramatic contrast with the national picture. The NAR today released the news that pending listings for home sales were 19.8% higher than a year ago. For Greater Phoenix real estate the equivalent increase is currently 102%. In fact a few days ago on October 30 we set an all time record of 107%. Demand is clearly at an exceptional level for real estate.

The increase in the number of homes for sale is a normal seasonal pattern in the Phoenix real estate market and does not indicate a significant change. If normal annual trends continue, the active listing count will peak in November and then decline toward the end of the year. I will post about November real estate sales in the next few days.

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Phoenix housing market

Phoenix Real Estate Success - Homes for Sale experience 3rd best year in decade

2009 is in position to be the 3rd best year in last decade for Phoenix homes for sale. The housing market forecast in the Phoenix area is looking very promising going into 2010. As of November 12, over 79,500 residential home sales have been completed in the metropolitan Phoenix area. Homes sales should easily reach 90,000 by the end of December. The only years that were better were the boom years of 2004 and 2005.

Housing sales in 2007 and 2008 averaged 56,754 residential homes. 2009 home sales will be an estimated 58% higher than in the two previous years. We can clearly signal the end of the buyer's market on the lower end of the housing market in the Phoenix area.

There were plenty of doomsayers to begin this year. The Phoenix housing market forecast was uncertain  and many home buyers debated what to do. Continuing lower prices and the first-time home buyers tax credit helped people to a decision. It was also very helpful that mortgage interest rates stayed very low and investors returned to the area to pick up cheap homes.

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