Thank you M for a mid-April update! Here’s how April is shaping up
Under contract 7,575
SOLD Apr 1-16 2007 2,101
SOLD Apr 1-16 2006 2,707
SOLD Mar 1-16 2007 2,814
Sales down 22% YOY, 38% MOM
While sales remain around 2002 levels- the big problem is ALL THAT INVENTORY. As of this morning, there were 51,530 active listings in the Phoenix area. This leaves Phoenix with too many sellers, and not enough buyers- putting more homeowners in distress.
In March, the Arizona Republic was reporting that 553 homeowners lost their homes. According to the Arizona Regional MLS, 5980 homes sold in March 2007. That is almost one home foreclosed on for every ten homes sold. Last March 40 homes were foreclosed on and 7487 homes sold for a 1:187 ratio.
Continue reading Phoenix- April Home Sales Keep on Fizzling