PHOENIX MARKET UPDATE

• Scottsdale increased 9%
• Central Phoenix increased 11%
• West Valley increased 34%
• Southeast Valley increased 15% 

Hi may name is Armin, I am a Realtor specializing in helping Buyers get the best results. Today´s Market consists of a few types of homes for sale.

Regular listings

Bank Owned / REO Listings

Short Sale Listings

New Build Homes

Bank Owned / REO listings are the result of Foreclosed homes. As you know, because of the depreciating values in the last few years, many homeowners are walking away from their homes. This adds to the inventory of homes and puts downwards pressure on the prices.

Short Sales are homes that are headed towards foreclosure, but the owner is attempting to sell, so they can avoid the foreclosure process. Unfortunately the banks are more concerned about the homes on their inventory. Due to their limited resources the response time to an offer can take as long as 60 days. Most Buyers tend to stay away from Short Sales.

The Good News is that for the past two years a bunch of people moved to phoenix, and they decided to rent. Many of the homebuyers are waiting for the right time to purchase.

It seems that there are many opinions about our market. Everyone is trying to tell the future. Most analysts are siding with each other on the outlook of our market, because it is easier to be right or wrong in a group. Many of these opinions come from National Data, and they may not reflect on the Phoenix Market.

For those reasons, we try not to focus on the media, and look at the Phoenix Numbers.

The homes that are pending now will be an indication of next month´s sales. Some time it is better to tell the direction we are headed towards than looking at the past..

To determine the price direction in the Phoenix market we need to look ate the inventory trend and the number of homes that sell every month. If the home inventory is on the rise that means there are more sellers than buyers. That puts a downward pressure on prices.

If the number of homes on the market decreases, that means there are more buyers than sellers.

As of February 24^th there are 56177 homes on the market for sale. There are 6036 homes in pending status. That means that the sold homes next month could be up from the previous month.

We hold weekly open houses and there is an increased number of buyers on the streets looking. We feel that the general public is anticipating a bottom soon, possibly by the end of summer 2008.

Safari Home Group agents are trained to locate the best deals in any area or price range.