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Departing from the previous format, during the last 2 weeks Listings up 81, Pending up 53 and Sales down 99. With Active and Pending at 21079 total and divided by sales of gives us 9.8 months of inventory. Based on Active only, that would be 8.3 months.
Again, under a new format, Total Phoenix Area MLS Actives, during the last 2 weeks, up by 308, Pending by 173 and Sold down by 79. This is 11 months inventory, but based on Sales only it is 9.4 months.
Prices continue to decline, driven mostly by sale of REO (Bank owned) properties and Short Sales.
As stated before, it is predicted that the Valley will double in population in 20 years. Good time to buy - I think so!
On a short term time line, the President will likely sign the Mortgage Relief package from Congress, which should help the economy begin to turn upward. Not a total solution, but hopefully will help folks to become a little more positive about tomorrow.
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