Phoenix Area Market Update
October 2009
Market activity in the Greater Phoenix has been holding constant. Sales have been just over 7000 homes per month for the last couple of months. We expect to see a jump when October's numbers come up. The $8000 dollar tax credit continues to get buyers off the fence before the November expiration.
Average and median sale prices continue to increase also. This is a sign of 2 things. First, that the lower end market has become very competitive for buyers. Pricing in the lower end markets has been slowly inching its way up. The second sign would be coming from the higher end. Although the higher end homes have a ways to go before seeing appreciation, the drastic lowering of price by some high end sellers has the numbers reacting.
The market continues to move. We will sell many more homes this year than last. The prices will be 35% less than 2008 but higher than their all time lows.
This Month's Video Market Update
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