Total Active Listings as of June 11, 2014 = 25,240*, approximately 3.30 months supply
Total June 2014 Closings for metro Phoenix are 7,263, and down again from 7,508 closings in May, however active listings for the metro area are also down 831 from a month ago. The southeast valley with 9,818 active listings as of July 3, 2014, and while only down 354 listings from a month ago are lower than this past January and we now have 2 months of active listings dropping in both metro Phoenix and the southeast valley cities. Tempe is on top with a 41% absorption rate. Tempe is very centrally located in the east valley which makes it a very desirable area. San Tan Valley came in 2nd with 40% and Mesa with 37%.
Even with loan rates dropping for the fifth time in the last 6 weeks, buyers seem to be apprehensive and with the GDP Falling 2.9% in first quarter of 2014, it would appear they are sitting on the sidelines until there are clear signs of better economic news. Good paying jobs are still a key factor in any housing recovery.
Southeast Valley Active Listings July 2014
*(Note: these are MLS statistics only, which means sales that are not entered into the MLS will not be included in this information. Also these do not include properties that are UCB (under contract accepting backups) or pending status and are strictly active listings)