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The number of listings (active and pending) in the SOUTHEAST VALLEY went down by 733 from 2 weeks ago, new contracts in escrow were 466 of those. Sales were up by 52 (2.4%). Summer months are not when a lot of folks are out looking, most make there move earlier to close before schools reopen.
With the total listings at 20964 and SALES at 2252, we now have 9.3 months of inventory in the pipeline for the South East Valley.
Phoenix data is compared to a report of 5 weeks ago.
Results for the total Phoenix MLS area showed the listings decreased by 470 to 60926, while contracts and sales both increased (by 54 and 34 respectively.
We now have 10.7 months of inventory in the Phoenix MLS pipeline.
Prices continue to decline, driven mostly by sale of REPO (Bank owned) properties and Short Sales. Where it will end is anybody's guess, but it is predicted that the Valley will double in population in 20 years. Eventually, the market will begin to turn - we are the nations leader in employment increases which will begin to attract new folks from areas not so fortunate.
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