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July Market Analysis

Posted on July 7, 2009

Yearly Market Comparison by Volume of Sales

Maricopa County 2008 to 2009

June 2009 total sold volume for Maricopa County is showing the continuing trend of increasing unit sales as we have seen throughout the year. While the June total volume of sold properties is higher than May it also illustrates the lowest month to month increase for 2009. June also marks the halfway point for the year and if the volume trend continues we could see some leveling of the market. The highest volumes of sales for Maricopa are still below the $200,000 price point and over 70% of those sales are distressed sales. The good news is at this current rate of absorption we less than a four month supply. The bad news is there are more distressed sales coming our way. While many of the banks have been getting better about working with sellers on workout solutions and short sales, Maricopa county records still show over 87,000 pre-foreclosure and 50,000 pre-trustee sales. So we are not out of the woods yet and much market will continue to be distressed sales however we are seeing good signs of leveling off in many of the adult communities and unlike the rest of the market these communities have been least affected by the distressed sales.

Data from ARMLS June 2009 single family, detached homes

Yearly Market Comparison by Median Price of Sales

Maricopa County

June 2009 median prices show a continuing trend of median price increase what seems to be a leveling off point in March and April of 2009. While this increase of median price is welcomed we are still well under our lowest median price for 2008. The continued increase of distressed sales is still the primary factor for the lower median prices. While these numbers reflect the total market for Maricopa County below you will see that is some of the individual markets the median prices are increasing at a higher rate. This is proof that it pays to the local expert because in many of these markets houses are not only selling quickly but also many of them are selling with multiple offers.

Data From: ARMLS June 2009 single family detached homes

Yearly Market Comparison

Phoenix 2008 to 2009