Metropolitan Phoenix Area Real Estate Market Update 6-4-2010

The tax credits expired over a month ago, but there are still plenty of buyers swimming in the pool!

Aside from equity sales percentages catching up with REO sales percentages a few weeks ago, we have not seen any recent major shifts in the market.

The absorption rate has slipped from 28% to 26.6%, which is not enormous, but also not necessarily typical for this time of the season.  Inventory and appreciation rates also seem to be holding steady, for the moment.

As we are well aware, the luxury markets are still struggling, so it’s not surprising that the percentage of actively listed distressed property, versus percentage of recent sold distressed property is disproportionate in Fountain Hills and Paradise Valley.

Active                Sold

Carefree                       22%                  29%

Cave Creek                  42%                  56%

Chandler                      58%                  57%

Fountain Hills            25% 47%

Gilbert                          64%                  59%

Glendale                       71%                  69%

Goodyear                     61%                  59%

Mesa                              58%                  57%

Paradise Valley         17% 50%

Peoria                            64%                  63%

Phoenix                        60%                  67%

Scottsdale                     30%                  44%

Surprise                        66%                   61%

Tempe                           44%                  45%

• There are 26,137 single family detached homes actively on the market in MLS. That is a decrease of 237 listings for the week.

• There are 33,077 active listings in MLS, which includes patio homes, town homes, condos and loft properties.