Monday, July 6, 2009

2nd Quarter sales at Record Levels

The strong-sales trend continues.

Last month I wrote about May's sales numbers approaching record numbers.  Last week we talked about the number of foreclosures hitting the market, and Dean Ouellette gave us additional insight about the brisk pace of sales (see the comments).

This morning I pulled MLS data through the end of June, and it looks like the 2nd quarter ranked 4th in Maricopa County's history!

(click chart to enlarge)

SFR Sales

All data pulled from MLS and is deemed accurate but not guaranteed.

Good News is our market is absorbing new listings as fast as, and sometimes even faster than, the banks can put them up for sale.  Investors, first-time buyers, and buyers without a house to sell are taking advantage of almost ideal market conditions.

Eventually the economy will claim as many victims/homeowners as it's going to claim.  Once the banks run out of new foreclosed property to sell, we'll see things get better for "mom & pop" sellers.

Bad News is this quarter's activity is driven almost exclusively by bank-owned homes, while traditional "mom & pop" sellers stand on the sidelines.

Your watching and waiting Realtor,

Chris Butterworth