Real Estate Market Analysis for October 2009
November 7, 2009 by Tempe Real Estate Agent · 12 Comments
In the last two months, the market has remained steady. We have had actives rise slowly from 26,000 to 28,000 homes in Phoenix metro. Similarly, pendings are hovering around 10,600 to 10,800. We also had 7137 homes sold in October compared to 7040 homes sold in August and 6861 in September. Overall, in Phoenix, we have gone from 5.24 months of inventory to 5.42 months of inventory.
October 2009 Real Estate Supply
There were two very strong source of buyers. First time home buyers trying to get the tax credit were still very active. Investors trying to take advantage of the market have also bought up many homes. We see that in October 32.66% of the homes were bought in cash. The rumors is that on top of the Canadian money coming in, there’s a lot of Chinese and Japanese money pumping into our market. No doubt with the winter season upon us, there will be even more Canadian buyers.
October 2009 Numbers
Most of the cities have remained pretty consistent during this time period. Only Tempe and Scottsdale have seen noticeable changes. Tempe has gone from 6.1 to 7.2 months of inventory while Scottsdale has gone from 10.3 months to 9.4. We have noticed that there was a small drop in activity in the first week of November with the tax credit expected to expire at the end of the month. Now that the credit has been extended again, activity has also picked up again. Other great news for the real estate market is that the tax credit now is offered to homeowners that have been in their homes for more than 5 years. It will be interesting to see who qualifies for this program.
| Active | Pending | Sold | Inventory | |
| Tempe | 797 | 179 | 136 | 7.18 |
| Chandler | 1292 | 570 | 395 | 4.71 |
| Gilbert | 1315 | 642 | 407 | 4.81 |
| Scottsdale | 4475 | 792 | 561 | 9.39 |
| Mesa | 2690 | 1050 | 744 | 5.03 |
| Ahwatukee | 536 | 148 | 115 | 5.95 |
| Paradise Valley | 497 | 29 | 26 | 20.23 |
| Phoenix | 7185 | 3105 | 2159 | 4.77 |
| Maricopa County | 28057 | 10656 | 7137 | 5.42 |
Maybe people should be discouraged to undertake such a move, especially in this period of economical instability. Taking on new debts is something that really should be avoided. Of course I agree that when people are determined to do so they should at least go for an established party.
It looks like Phoenix Itself is doing well. Just over five months of inventory indicates a balanced market, and is borderline sellers market. Good to see Phoenix Real Estate finally recovering.
Utah Homes for Sale´s last blog ..[Roy New Home Listings] Roy Utah Home Listings for 11/27/2009
Itls really nice to see that in some places the recovery is showing their numbers. Hope that the goods news goes also to other areas of thew country.
This is a good sign that real estate market is up for recovery. Hopefully the next few years might be this good or might be better as this year. and I also noticed more and more people are now interested in investing to real estate which is a good thing.
Right, sometimes the recovery reflects their numbers.
I’m glad to see the numbers are up in other cities as well as in Austin. We had a 38% increase in homes sold from oct 1 – 31 of 08 to oct. 1 – 31 of 09. I do also like the way you have the data presented on the graph for each city. Nice post!
Good news guys. We too have seen more property sales activity in Moraira in the Costa Blanca. It is still early days and we have some way to go. It can only be encouraging to see an upturn in the USA
Thanks for the thanks info! Do you have a chart also for december? thanks in advance!
Buenos aires eal estate´s last blog ..Punta del Este – Seaside Luxury Property
It’s good to see the recovery in the the real estate market at the moment, maybe we are over the worst of it now, heres looking forward to 2010. Thanks for the info, your site as always is top for presenting the stats.
Very good report on the market, our market in Corona Ca is very similar. Many investors taking advantage and coming in and making solid all cash offers. With so many short sales this makes it very difficult for buyers trying to finance a deal. Foreclosure still flooding the market and lending still tight.
Its nice to see an improvement in the real estate market.Nice post, I am pretty much pleased with your good work.
I’m still finding my way and find these tips very helpful.
Keeping up with monthly statistics takes a dedicated person. In Brainerd Minnesota we have seen the first time home buyers being much more active than usual for months on end. It’s great we have seen the demand for property go up, affordability is up, and price is getting to be where it should be. The numbers have been trending in the right direction for the past seven months.