Inventory slides to 3.5 months current supply
Pendings still strong going into May
Pendings: 14,592 (+104 from 2 weeks ago)
Pendings SFam: 12,563 ( +104 from 2 weeks ago)
AWC: 8,075 ( +7 from 2 weeks ago)
AWC Sfam: 6,957 ( +4 from 2 weeks ago)
Closed 4/26-5/2 3,189 (+1229 from 2 weeks ago)
Closed SFam: 2,712 ( +1058 from 2 weeks ago)
Active Listings: 32,572 ( -1563 from two weeks ago)
Active Sfam: 25,510 ( -1061 from two weeks ago)
CLOSED: APRIL 2010: 9,284 (+803 from April'09)
(+352 from March'10)
Closed Sfam: 7,844
April sales finished very strong, and we surpassed 9000 sales. It was an improvement over both last April and March 2010. Pendings are still very high, even though we closed so many homes at the end of April. It is a very positive showing, and it means we are well set up for sales next month as well. There might be a leveling off in demand, as many of the first time homebuyers are already in contract, but there is also word that high end homes are selling quickly. "Paradise Valley Homes Selling like Hotcakes" (Biz Journal)
We are seeing signs of life throughout the industry now; homebuilders are buyin
g land, building permits are higher in the most attractive markets, like Gilbert and Chandler, and we are seeing demand for properties for the purpose of flipping. Inventory numbers are very tame, and are falling, despite a heavy dose of listings coming on the market in April. 3.5 months supply of homes is not a lot; this will change somewhat over the summer, as I do expect more listings to enter the market, but for now, the inventory is quite acceptably low. Take at look compared to last year's inventory numbers in the figure above. Inventory is lower. I would still guess that many of the homes that are selling are at the lower end, but we are seeing gains at different price levels.
g land, building permits are higher in the most attractive markets, like Gilbert and Chandler, and we are seeing demand for properties for the purpose of flipping. Inventory numbers are very tame, and are falling, despite a heavy dose of listings coming on the market in April. 3.5 months supply of homes is not a lot; this will change somewhat over the summer, as I do expect more listings to enter the market, but for now, the inventory is quite acceptably low. Take at look compared to last year's inventory numbers in the figure above. Inventory is lower. I would still guess that many of the homes that are selling are at the lower end, but we are seeing gains at different price levels. We look like we are solidly planted in a recovery in our real estate market, but much depends on jobs and how much optimism is generated by the recovery. So much of the value of real estate is tied to the psychology of our country's economic situation, and it has been very poor. The next quarter is going to tell us how far we have come, and whether there are any legs under this recovery. The early data for second quarter is showing stability in the market, but I will be much happier when I see the builders putting up houses in these vacant subdivisions.
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