Residential listings increased for the third consecutive month in the Phoenix Real Estate Market to begin December 2009. That translates into more homes for sale.
The increase in homes for sale began in October 1st, 2009 and has continued for the last three months (in pink). The 3-month total increase in the number of homes for sale is 1,482 -- or 4.8% from October 1, 2009 -- from when the Phoenix real estate market was at two-year low in the number of residential homes for sale.
The demand for homes in the Phoenix real estate market has been particularly strong in 2009. The demand is due in part to the low prices of foreclosure homes for sale, low interest rates, and the home buyer tax credit. According to CromfordReport.com (who does extensive reporting on the Phoenix real estate market and homes for sale):
The big news in our pending home sales situation is the dramatic contrast with the national picture. The NAR today released the news that pending listings for home sales were 19.8% higher than a year ago. For Greater Phoenix real estate the equivalent increase is currently 102%. In fact a few days ago on October 30 we set an all time record of 107%. Demand is clearly at an exceptional level for real estate.
The increase in the number of homes for sale is a normal seasonal pattern in the Phoenix real estate market and does not indicate a significant change. If normal annual trends continue, the active listing count will peak in November and then decline toward the end of the year. I will post about November real estate sales in the next few days.
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