Phoenix Real Estate-The Good, The Bad and The Ugly
March 25th, 2008 categories: Market Statistics, Real Estate News
Local and National media reported today that home sales are up, however prices are dropping.
The Good: From ARMLS Data in Jan. there were 2602 homes that SOLD. In Feb 3339 homes SOLD and increase of 22%.
The Bad: (Depending on your perspective) prices continue to drop: Average Sales Price in Jan: $317,334
Average Sales Price in Feb: $308,137
A decrease of 2.8%
The UGLY: Again depends on your position in the Phoenix Real Estate Market: Current Inventory of homes for sale: 56608 with 4810 REO (Bank Owned) Homes.
Here is a chart for 2008 that illustrates the current trend.
