Phoenix AZ Homes and Condos

PHOENIX HOMES SALES SOAR IN MARCH 2010

Arizona Regional MLS (ARMLS) data shows March 2010 Phoenix Homes Sales of 8969 properties is a 39% increase over February 2010 sales numbers and a 19% increase over sales a year ago during March 2009! We’re not “out of the woods” yet, but indicators point to an improving Phoenix real estate market.

OTHER GOOD NEWS

The number of Traditional (non-distressed) Sales of Phoenix homes matched the number of sales of REO or Foreclosed Phoenix homes with each representing 40% of March sales. Short sales lagged at 20% of Sales.

This indicates buyers are looking for homes that are a very good value and are salable – as the tax credit deadline of April 30, 2010 deadline to have the property in escrow rapidly approaches.

Phoenix Average and Median Home Sales Prices increased slightly and remain above where they were when the Phoenix real estate market bottomed out in the Spring of 2009.

Builders continue to build new homes since buyers are willing to pay a substantial premium to purchase a brand new home. As a result, the number of actively selling new home subdivisions reversed direction and have increased modestly and so have the number of Spec homes being built in anticipation of buyer purchases.

WHAT CAN WE EXPECT?

If the jobs market stabilizes and starts to improve, buyer demand for homes remains strong after the tax incentives expire this month, interest rates remain low since the government stopped buying mortgage backed securities in March, lenders don’t saturate our resale market with foreclosed REO properties, and Freddie Mac/Fannie Mae and responsible banks continue to rehab foreclosed homes before putting them up for sale, we should continue to see an improving Phoenix real estate market. That’s a lot of “ifs”. We’ll just have to wait and see what happens next month. Stay tuned!

Sam Elam, ABR, CRS, GRI, e-PRO, Associate Broker, Prudential Arizona Properties http://www.SamElam.com

Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.