Most people don't realize how much cash is coming into our market place. This chart demonstrates just what a significant part of the buying public is now paying cash to purchase their new Phoenix residence.

The second chart demonstrates the 3.2% year over year price decrease in the market as a whole. We may be set to retest the March 2009 market bottom.

August Market News!

Home prices dropped in July after remaining relatively flat in June as volume deteriorated to the lowest level since February with just over 6,900 homes closing escrow. Market prices continue to hold a slim (.1%) margin over year ago prices market wide. Paradise Valley, Litchfield, El Mirage, Queen Creek, Tempe and Fountain Hills showed month over month gains in home prices while the rest of the market suffered. Chandler (down 3.9%), Casa Grande (down 3.9%), Mesa (down 4.3%) and Laveen (down 10.7%) were at the bottom of the pile.

The 6,571 closings represent a 27.8% drop in volume month over month, while the 34,041 homes currently on the market represent a 5.8% increase in inventory over the past month.

Currently there are still an additional 16,000 homes that are either Pending or Active with Contingency and waiting to close in the coming months, a drop of over 4,000 during the past two month. Active homes on the market represent slightly less than a 5 month supply. Just barely still a Seller’s Market.

Bank inventory increased significantly for the second month in a row and stands today at just over 6,500 or 19.3% of the market. REO closings also dropped to just 2,600 from 3,300 in June, which continues to be about 36% of the market. REO closings as a percentage of the whole have dropped significantly since June of 2009 when 65% of the homes closed were Bank owned.

	Year over Year		Month over Month
August Sales	Volume Change	Sorted by Price Change	Volume Change	Price Change	Months of Supply	REO Months of Supply	REO % of Active	REO % of Closed
El Mirage	-36.3%	6.4%	-26.9%	1.8%	3.1	1.8	25.6%	44.3%
Phoenix	-30.5%	4.1%	-22.9%	-3.6%	4.8	2.6	22.7%	41.0%
Goodyear	-26.9%	1.2%	-28.6%	-2.5%	3.9	2.2	19.8%	35.5%
Surprise	-19.1%	1.1%	-27.2%	-2.2%	4.4	1.8	16.5%	41.3%
Market Average	-22.7%	0.1%	-24.0%	-1.6%	4.9	2.5	19.3%	37.8%
Buckeye	-26.1%	-1.9%	-26.4%	-2.5%	4.1	2.5	22.7%	37.4%
Scottsdale	-2.3%	-2.4%	-22.4%	-2.8%	7.2	2.9	9.7%	23.9%
Glendale	-21.4%	-2.4%	-23.6%	-0.9%	3.5	2.2	26.3%	42.7%
Maricopa	-38.4%	-2.5%	-39.6%	-0.1%	5.8	3.3	23.6%	41.6%
Queen Creek	-24.9%	-2.5%	-28.7%	0.9%	4.2	2.6	22.6%	35.9%
Apache Junction	-2.9%	-2.9%	-25.3%	-3.7%	5.4	3.3	22.6%	36.8%
Mesa	-23.9%	-3.2%	-24.9%	-4.3%	5.0	2.9	21.9%	37.5%
Chandler	-8.5%	-4.2%	-14.0%	-3.9%	4.3	2.1	18.6%	37.8%
Gilbert	-7.3%	-6.1%	-11.8%	-2.3%	3.9	2.3	18.4%	31.3%
Tempe	-8.8%	-8.0%	-11.4%	0.8%	5.2	3.3	18.7%	29.5%
Fountain Hills	-4.2%	-8.4%	-33.3%	0.7%	10.5	3.8	11.8%	32.6%
Litchfield Park	-12.3%	-9.5%	-21.0%	5.2%	3.5	1.9	21.7%	39.1%
Avondale	-39.4%	-11.3%	-12.9%	-2.7%	3.0	1.7	27.8%	49.0%
Laveen	-19.3%	-12.2%	-29.2%	-10.7%	4.0	2.4	25.1%	41.3%
Casa Grande	-14.5%	-16.6%	-17.5%	-3.9%	4.6	1.6	21.2%	59.6%
Paradise Valley	38.5%	-18.8%	-16.3%	9.8%	11.2	4.8	7.2%	16.7%
	Year over Year		Month over Month
August Sales	Volume Change	Price Change	Volume Change	Sorted by Price Change	Months of Supply	REO Months of Supply	REO % of Active	REO % of Closed
Paradise Valley	38.5%	-18.8%	-16.3%	9.8%	11.2	4.8	7.2%	16.7%
Litchfield Park	-12.3%	-9.5%	-21.0%	5.2%	3.5	1.9	21.7%	39.1%
El Mirage	-36.3%	6.4%	-26.9%	1.8%	3.1	1.8	25.6%	44.3%
Queen Creek	-24.9%	-2.5%	-28.7%	0.9%	4.2	2.6	22.6%	35.9%
Tempe	-8.8%	-8.0%	-11.4%	0.8%	5.2	3.3	18.7%	29.5%
Fountain Hills	-4.2%	-8.4%	-33.3%	0.7%	10.5	3.8	11.8%	32.6%
Maricopa	-38.4%	-2.5%	-39.6%	-0.1%	5.8	3.3	23.6%	41.6%
Glendale	-21.4%	-2.4%	-23.6%	-0.9%	3.5	2.2	26.3%	42.7%
Market Average	-22.7%	0.1%	-24.0%	-1.6%	4.9	2.5	19.3%	37.8%
Surprise	-19.1%	1.1%	-27.2%	-2.2%	4.4	1.8	16.5%	41.3%
Gilbert	-7.3%	-6.1%	-11.8%	-2.3%	3.9	2.3	18.4%	31.3%
Goodyear	-26.9%	1.2%	-28.6%	-2.5%	3.9	2.2	19.8%	35.5%
Buckeye	-26.1%	-1.9%	-26.4%	-2.5%	4.1	2.5	22.7%	37.4%
Avondale	-39.4%	-11.3%	-12.9%	-2.7%	3.0	1.7	27.8%	49.0%
Scottsdale	-2.3%	-2.4%	-22.4%	-2.8%	7.2	2.9	9.7%	23.9%
Phoenix	-30.5%	4.1%	-22.9%	-3.6%	4.8	2.6	22.7%	41.0%
Apache Junction	-2.9%	-2.9%	-25.3%	-3.7%	5.4	3.3	22.6%	36.8%
Chandler	-8.5%	-4.2%	-14.0%	-3.9%	4.3	2.1	18.6%	37.8%
Casa Grande	-14.5%	-16.6%	-17.5%	-3.9%	4.6	1.6	21.2%	59.6%
Mesa	-23.9%	-3.2%	-24.9%	-4.3%	5.0	2.9	21.9%	37.5%
Laveen	-19.3%	-12.2%	-29.2%	-10.7%	4.0	2.4	25.1%	41.3%

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Century 21 Arizona Foothills
130 S Val Vista Drive • Gilbert, AZ 85296
Phone: (480)298-2884 • Fax: (888)391-3649

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