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August Market Analysis

Posted on August 7, 2009

Yearly Market Comparison by Volume of Sales

Maricopa County 2008 to 2009

July 2009 total sold volume for Maricopa County is showing the continuing trend of increasing unit sales as we have seen throughout the year. This continuing trend of increasing sales is also being seen in the individual markets throughout the valley. According to the National Association of Realtors the Re-Sale housing sales are up 14% marking the highest increase since October 2007. This report also indicates that housing starts and permit applications for new homes has also increased nationally by 4%. While the increasing volumes of housing sale is good news to otherwise struggling markets we still have a long way to go before we see full recovery. We are still seeing the highest volumes of sales below the $200,000 price ranges and over 50% of the market is still distressed-sales. In order to compete in this market agents are finding that they have to become well versed in selling REO and Short-Sale listings as well as managing the expectations of their clients.

Data from ARMLS July 2009 single family, detached homes

Yearly Market Comparison by Median Price of Sales

Maricopa County

The July Median home price indicates a very small increase in prices and is also being reflected in most of the markets across the valley. However this trend seems to be on a very gradual climb and we still have a long way to go to get back to the pricing we saw even a year ago. The primary reason for the slow increase in prices is because of the increasing volume of sales below $200,000 and the majority of these sales are distressed sales. However many first time home buyers are able to take advantage of the lower prices along with the Federal Tax Credits programs. According to the National Association of Realtors across the country markets are seeing as much as a 12% increase in first time home buyer sales. So now might be a good time for agents to educate themselves on some of the new local and national first time home buyer programs.

Data From: ARMLS June 2009 single family detached homes

Yearly Market Comparison

Phoenix 2008 to 2009