MLS Market Snapshot - Get the latest local market conditions for a specific area (zip code).
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Before you look for homes....
Remember the deadline for the $8,000 First-Time Buyer Tax Credit is this Nov. 30th (home must close by then).
PHOENIX MARKET UPDATE - AUGUST 2009
The number of for-sale properties has fallen from 53,633 a year ago to 37,000 this month (good news!).
The number of Sales-per-Month has increased from 5,625 a year ago to 8,528 last month (good news).
The months supply of inventory has dropped from 9.5 a year ago to 4.3 (good news).
Demand is currently strong for homes under $300,000.
Bidding wars have been happening on Lender Owned homes (under $150,000) just coming on the market, resulting in those homes selling for more than list price. Buyers looking for Lender Owned homes in this price range should be prepared to put in many offers at higher than listed prices before they actually get an accepted contract.
Short Sales are growing in number (listings and actual sales). The time it takes to complete a short sale depends on the lender, but is currently ranging from a low of 2 months, to over 2 years. Many buyers end up walking away if the process takes more than 4 months. Look for an increasing number of short sales. While some Short Sales are closing, only 30% of the Short Sales have ended in a closing. Not a very good track record up to this point!
