The Market Statistics July 2013 – Phoenix, AZ post includes real estate market statistics for the surrounding cities, which we collectively call “The Valley.” These cities include (not limited to) Chandler, Gilbert, Mesa, Phoenix, Queen Creek, San Tan Valley, Tempe and Scottsdale, Arizona.
Month over month home sales in the Valley dropped off by 12.8% from May, down to 8,228 total units. It’s very typical to see some decline in home sales this time of year as temperatures can hit the mid 110’s. More than likely we will see a little more slow down when we see the July numbers. Year over year numbers are up slightly by 1.2%.
New home inventory is also down for the month of June, as many potential sellers may have escaped the Valley for cooler weather.
Total home inventory for the Phoenix area has remained fairly flat over the past few months. Coupled with low average market times, this reflects continued buying demand.
The total number of active homes for sale that are not under contract has come in at 15,725. The total number of active homes that are under contract and accepting backups are at 3,786, which is 19% of the total actives.
The months supply of inventory of homes for sale ticked up a bit to 2.37. This figure is based on how many months it would take to deplete our inventory based on current buying demand.
Pending foreclosures continue their downward trajectory. This long term downward trend should ease many concerns about the impending shadow inventory.
Distressed Sales
Distressed home sales are also down year over year in the Valley. A great indicator of continuing strengthening of the real estate market here in the Phoenix area.
Market Statistics July 2013 – Phoenix, AZ – Click here for the entire report.
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