Active Listings Fall
Pending Sales rising sharply
Pending: 12,839 ( +653 from last week)
Pending Sfam: 11,040 ( +571 from last week)
AWC: 6,975 ( +190 from last week)
AWC Sfam: 5,974 ( +163 from last week)
Closed: 1,419 ( +199 from last week)
Closed Sfam: 1,190 ( +99 from last week)
Active: 35,165 ( -216 from last week)
Active Sfam: 27,504 ( -132 fron last week)
Closed Thru 2/21/2010: 3,926
Single Fam: 3,307
Pending sales continue to rise sharply, forecasting an excellent spring selling season in the resale market in Phoenix. Last year at this time there were 9,656 pending sales- there is a 33% increase over that number this year. February is going to be a typically light sales month, but I think we can reach 6000 sales. The last two days of the month are weekend days, so some sales may be pushed into March.
The other headline is that active listings fell, after rising fairly steadily through the winter. There is just sharper buying activity, and I think we can expect the number of sales to start falling consistently. Last year, the inventory was taken down swiftly; I don't know if it will happen that fast, as many people who would probably stay put are taking advantage of lenders willingness to allow short sales. This encourages more inventory, but I still think that the seasonal demand we experience will start slicing away at inventory for the next six months.
We are going to see just how steady this recovery why what happens over the next two quarters. So far, so good.
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