If you have been active in the Phoenix real estate market over the last few months you know there are more houses being sold in multiple offer scenarios than not. Houses are selling in Phoenix. Here are some market numbers to prove it.
These numbers are as of 4/13/2009
- The current ARMLS inventory is 43,976 which is a drop of about 20% or over 10,000 properties since January of this year.
- Of the houses currently on the market 42% of those are lender owned or short sale properties.
- Currently there are 15,707 homes in pending which is one of the highest numbers anyone remembers seeing for ARMLS. Of those 15k homes, 78% of those are bank owned or short sales properties.
- Closed homes YTD is 20,003 and half of those home sales in Phoenix have come since March 1st.
- Of the Phoenix area homes that have closed in 2009 75%, or 15,019, were lender owned or short sales. Of that 75%, 88%, or 13,234, were lender owned.
Many people ask us on a daily basis when the bottom of the Phoenix housing market will hit. While it is impossible to say for sure, based on these numbers the case can be made that the bottom may be here, if not just passed.
