Phoenix metro sales up in March
Hi,
It's great to be able to report the sales numbers for the Phoenix metro real estate market from ARMLS (Arizona Regional Multiple Listing Service) for March 2009. Sales were up in March to the highest level in almost 3 years. March sales totaled 7554, also up 77% from the same month a year earlier. Total inventory at the end of the month was 51604, which reveals only 6.83 months of inventory. Also the lowest in about 3 years. Despite the good news, there is a negative. The median sale price was down almost 44% from March of 2008. So, let's turn a lemon into lemonade. This decrease in pricing is one of the factors that is helping to boost sales. Prices are at levels that are allowing a lot more first time buyers to get into the market. That coupled with historically low interest rates and new tax incentives, has provided new opportunities for those first timers. Additionally, prices have fallen enough to attract the serious investors again, who can see positive cash flow from investment properties.
We have seen 3 straight months of increasing sales and decreasing inventory. I'm not foolish enough say we are out of the woods, but these are good signs. There are going to be some more rocky stretches when it comes to loans re-setting. If we can keep these trends going until those additional bumps in the road, then the will remain bumps and not become blockades.
Adam Tarr PC, Associate Broker
ABR,CDPE,RSPS,ePro
Citywide Real Estate & Investments
Phoenix, AZ
480-236-7374
adam@WeAreAZRealEstate.com