Phoenix Metro Market Report – April 2012

There are some very interesting, some might say shocking, things happening in the Phoenix Metro Market. It appears the Wall Street Journal article stating that “Phoenix leads the way in the housing market recovery”, or words to that effect, has spurred a rush of buyers to our market.

According to numbers released today by Security Title, there were 5 cities in the Phoenix Metro Market that closed more homes in March than they have in current active inventory! That’s not a misprint. Those cities are Avondale, Chandler, Gilbert, Glendale and Tempe.

Phoenix was close, closing 2087 homes with a current active inventory of 2181, a difference of less than 100 homes!

My hope that the Phoenix Metro Market would be balanced by the end of 2012 will only happen if lenders will loosen lending guidelines for new construction so that builders are able to put more new homes into the market.

The Phoenix Metro Market stills faces the problem of Pendings with more than 18,000 AWC or Pending with almost 60% as Short Sales. This is a growing problem that banks need to quickly address if we are to become a more balanced market.

One of the bright spots of March was Normal (traditional) closings accounting for 53% of the total, the first time that has happened in, the Phoenix Metro Market, in a very long time.

Phoenix area lenders, if you are reading this and you’re sitting on foreclosures or potential foreclosures now is the time to bring them to market.

I’ll be sharing more localized reports next week. Whether you’re buying or selling a home I offer a free, no obligation, consultation.

As an informed buyer or seller you’ll make better decisions. E-mail or call me today at (602) 793-1627.

A quick shout out to fellow rainmaker Rob Clang of Security Title for providing our local real estate community with such excellent research. Many thanks.

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