Phoenix East Valley continues to show real estate market improvement
The Real Estate Market in the Phoenix East Valley continues to show improvement. Almost all cities show a reduction in active listings and steady buyer activity. Interesting to note that homes that are selling are typically NOT short sale listings. In Maricopa where there is a very high ratio of short sale listings for example, of the 48 homes that went under contract last week, only 5 were short sale listings. We continue to see a high value in homes that are well cared for with a seller who has realistic expectations. This is the type of home that IS selling.
The East Valley just last week dipped below 12 months of inventory. In a normal, balanced market we carry an average of 6 months worth of inventory.
There was 15.7 months worth of inventory in the East Valley during the last week of October, 2007. We have experienced a gradual reduction in that inventory most noticeably over the last 4 weeks and this could be confirming that we have finally hit bottom. If so, we should notice a plateau over the upcoming months with a gradual return to normal appreciation. Good news for homeowners in the East Valley!
| 3/8/08 | 3/15/08 | 3/22/08 | 3/29/08 | 4/5/08 |
| Ahwatukee | | | | | |
| Active Listings | 711 | 699 | 695 | 703 | 678 |
| Average List Price | $533,453 | $530,038 | $534,600 | $537,906 | $541,438 |
| Average Days on Market | 143 | 144 | 145 | 143 | 139 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 14 | 17 | 21 | 20 | 18 |
| Average List Price | $275,617 | $344,957 | $393,961 | $394,735 | $345,201 |
| Average Sales Price | $263,750 | $331,411 | $375,271 | $368,550 | $333,668 |
| Average Days on Market | 109 | 134 | 122 | 127 | 85 |
| Pending* | 25 | 43 | 32 | 32 | 48 |
| | | | | |
| Chandler | | | | | |
| Active Listings | 2118 | 2120 | 2119 | 2109 | 2081 |
| Average List Price | $426,594 | $424,408 | $424,623 | $423,673 | $425,604 |
| Average Days on Market | 135 | 134 | 136 | 136 | 135 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 43 | 52 | 37 | 59 | 48 |
| Average List Price | $312,304 | $289,724 | $299,593 | $300,602 | $351,116 |
| Average Sales Price | $301,890 | $280,853 | $283,590 | $289,405 | $329,375 |
| Average Days on Market | 102 | 106 | 134 | 121 | 112 |
| Pending* | 78 | 99 | 82 | 102 | 96 |
| | | | | |
| Fountain Hills | | | | | |
| Active Listings | 520 | 520 | 521 | 528 | 521 |
| Average List Price | $1,052,129 | $1,054,417 | $1,048,575 | $1,031,752 | $1,044,315 |
| Average Days on Market | 184 | 183 | 184 | 183 | 184 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 7 | 4 | 8 | 5 | 8 |
| Average List Price | $1,184,628 | $532,225 | $998,349 | $563,920 | $447,324 |
| Average Sales Price | $1,144,328 | $498,750 | $937,550 | $519,600 | $428,975 |
| Average Days on Market | 277 | 210 | 229 | 226 | 120 |
| Pending* | 7 | 11 | 11 | 11 | 15 |
| | | | | |
| Gilbert | | | | | |
| Active Listings | 2448 | 2451 | 2460 | 2433 | 2403 |
| Average List Price | $406,379 | $404,011 | $403,908 | $403,989 | $404,391 |
| Average Days on Market | 131 | 131 | 132 | 133 | 131 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 40 | 60 | 51 | 68 | 66 |
| Average List Price | $334,748 | $280,471 | $303,149 | $288,647 | $288,743 |
| Average Sales Price | $313,764 | $271,257 | $287,265 | $281,436 | $278,387 |
| Average Days on Market | 158 | 118 | 121 | 100 | 114 |
| Pending* | 100 | 96 | 91 | 109 | 123 |
| | | | | |
| Maricopa | | | | | |
| Active Listings | 946 | 951 | 922 | 913 | 905 |
| Average List Price | $215,359 | $214,086 | $213,474 | $212,712 | $209,824 |
| Average Days on Market | 123 | 124 | 126 | 129 | 128 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 13 | 25 | 15 | 28 | 15 |
| Average List Price | $188,037 | $178,551 | $198,470 | $174,488 | $339,731 |
| Average Sales Price | $182,341 | $170,932 | $191,074 | $168,281 | $161,790 |
| Average Days on Market | 95 | 95 | 104 | 79 | 91 |
| Pending* | 37 | 49 | 58 | 67 | 48 |
| | | | | |
| Mesa | | | | | |
| Active Listings | 3486 | 3479 | 3497 | 3489 | 3439 |
| Average List Price | $363,401 | $360,429 | $359,580 | $360,373 | $362,494 |
| Average Days on Market | 137 | 137 | 138 | 139 | 136 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 43 | 76 | 52 | 91 | 80 |
| Average List Price | $316,813 | $323,608 | $246,059 | $268,283 | $241,780 |
| Avg Sales Price | $303,002 | $312,738 | $236,855 | $246,305 | $233,275 |
| Average Days on Market | 158 | 160 | 122 | 99 | 111 |
| Pending* | 127 | 120 | 114 | 120 | 145 |
| | | | | |
| Paradise Valley | | | | | |
| Active Listings | 460 | 458 | 460 | 465 | 469 |
| Average List Price | $3,625,117 | $3,609,459 | $3,607,552 | $3,624,147 | $3,686,617 |
| Average Days on Market | 196 | 202 | 202 | 200 | 202 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 1 | 5 | 3 | 4 | 3 |
| Average List Price | $1,299,000 | $2,812,000 | $2,414,000 | $1,223,700 | $1,510,000 |
| Average Sales Price | $1,116,000 | $2,540,000 | $2,150,000 | $1,158,750 | $1,366,666 |
| Average Days on Market | 260 | 259 | 192 | 77 | 133 |
| Pending* | 3 | 8 | 7 | 5 | 5 |
| | | | | |
| Queen Creek | | | | | |
| Active Listings | 2011 | 2003 | 1976 | 1945 | 1905 |
| Average List Price | $280,202 | $279,096 | $279,729 | $279,296 | $277,974 |
| Average Days on Market | 131 | 131 | 133 | 133 | 132 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 35 | 52 | 34 | 65 | 56 |
| Average List Price | $190,944 | $191,484 | $169,233 | $181,468 | $178,543 |
| Average Sales Price | $182,349 | $185,326 | $165,559 | $176,042 | $172,265 |
| Average Days on Market | 101 | 124 | 133 | 115 | 122 |
| Pending* | 113 | 106 | 139 | 112 | 132 |
| | | | | |
| Scottsdale | | | | | |
| Active Listings | 4297 | 4351 | 4358 | 4353 | 4337 |
| Average List Price | $1,263,124 | $1,259,640 | $1,254,397 | $1,252,311 | $1,258,246 |
| Average Days on Market | 169 | 170 | 171 | 172 | 173 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 41 | 40 | 61 | 63 | 59 |
| Average List Price | $947,824 | $996,864 | $828,826 | $1,002,418 | $846,263 |
| Average Sales Price | $886,373 | $894,925 | $777,464 | $942,272 | $774,148 |
| Average Days on Market | 143 | 199 | 180 | 178 | 133 |
| Pending* | 104 | 95 | 91 | 110 | 106 |
| | | | | |
| Sun Lakes | | | | | |
| Active Listings | 303 | 302 | 302 | 296 | 287 |
| Average List Price | $325,923 | $326,503 | $323,881 | $323,988 | $320,860 |
| Average Days on Market | 176 | 179 | 183 | 187 | 183 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 5 | 6 | 7 | 10 | 9 |
| Average List Price | $279,360 | $276,716 | $339,392 | $286,490 | $267,366 |
| Average Sales Price | $268,400 | $260,000 | $319,528 | $267,950 | $243,666 |
| Average Days on Market | 145 | 149 | 135 | 180 | 174 |
| Pending* | 8 | 8 | 10 | 7 | 6 |
| | | | | |
| Tempe | | | | | |
| Active Listings | 553 | 561 | 555 | 551 | 553 |
| Average List Price | $384,266 | $384,039 | $385,396 | $386,272 | $379,629 |
| Average Days on Market | 124 | 122 | 125 | 127 | 123 |
| Prior Week | | | | | |
| Sale Recorded (Closed) | 18 | 11 | 8 | 14 | 16 |
| Average List Price | $360,822 | $251,599 | $272,687 | $274,800 | $384,656 |
| Average Sales Price | $343,416 | $238,079 | $250,437 | $262,142 | $365,399 |
| Average Days on Market | 125 | 88 | 91 | 103 | 117 |
| Pending* | 22 | 24 | 20 | 21 | 17 |
| | | | | |
| Updated 4/05/2008 | | | |
| Data Includes Single Family Detached Dwellings Only | | | |
| Information obtained from Arizona Regional MLS & is deemed reliable but not guaranteed |
| *Pending reflects contracts written & accepted during the previous week and are a truer indication of current buyer activity | | | |