I like to start off with the numbers so here we go:
Right now there are 41,127 properties for sale in the MLS. That’s up about 2000 from last month at this time and down nearly 8000 since last year at this time. So in the past year, we’ve sold off much of the excess inventory which is why we are seeing some price stabilization in many areas of town.
Meanwhile, pending listings, properties under contract but haven’t yet sold are up 5% from last week. That is great news because it means the market is continuing to move toward equilibrium between supply and demand. In fact, according to the Cromford Report, right now the supply is actually a bit less than demand, another reason prices are stabilizing or rising in some areas.
There’s been a lot of talk in the last week about strategic mortgage defaults.. those are cases where homeowners are making a business decision to stop paying their mortgage even though they have not experienced a hardship. In fact, on Sunday January 31, I was quoted in an article on the subject in the Arizona Republic. You’ll find a link to that article on my blog.
And speaking of the website, we are going to be adding more information to it in the coming weeks so if there is something you’d like to see, drop us a line at bob@myphoenixmls dot com and we’ll look into adding your idea.
I truly appreciate the chance to keep you abreast on perhaps your most important investment. And speaking of that, I’ve got some great new bank owned listings coming onto the market in the next month. If you’re thinking about buying and want to see them before they hit the MLS, give me a call and let’s set an appointment.
Real Estate in Phoenix Arizona, Scottsdale Arizona Real Estate, Bob Stahl, MyPhoenixMLS.com
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