Phoenix Real Estate Market remains dominated by Phoenix foreclosures.
The number of active listings in and around metropolitan Phoenix remained virtually unchanged from February to March of 2010. As depicted in the chart, property listings hit a several year low in September 2009. They have been slowly on the rise since that time. The chart also indicates the dramatic difference since 2008 when listings were over 50,000, thereby accounting for the swing in the market from a complete buyer's market to a market that has occasionally been referred to as a seller's market in Phoenix. Real estate listings in some locations around the Valley have sparked a seller's market because of extreme competition for low priced Metro Phoenix foreclosures. It's no real surprise because real estate prices in the Phoenix housing market are at their lowest levels in 10-years AND interest rates are still low.
The chart also shows that 41.2% of all listings in the Phoenix area are foreclosures. I am defining foreclosures as bank owned homes and short sales.
No comments:
Post a Comment