Metropolitan Phoenix Market Activity

img064While sales are holding steady, they have thus far peaked in June at 9,327 and declined slightly July, August and September.  Overall however, we still have 3 more months to add to the 70,038 year-to-date figure, already surpassing the 2008 total of 60,108.  New listings for the year, through September 2009 total 112,798, a 10% reduction for the same time period from last year which was 123,283.

After several months of much of the same, approximately 76% of buyers are purchasing properties under $200,000 with the majority purchasing in the $100-$200K range.  Properties under $100K have an absorption rate of 52% while properties from $100-$200K have a 45% absorption rate.  The luxury home market has only 3% of the buyers and low absorption rates.  While homes under $200K are fetching multiple offers, the luxury home market is still declining as those homes sit on the market and it may be awhile before it bottoms out.

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If you’re thinking of making a move, please give me a call. 

StephanieWeissMoves@gmail.com
(480) 273.7472

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