Phoenix Real Estate Update - September 2007

As we approach the end of September, let's take a look at how the Phoenix Real Estate Market stands. All statistics are courtesy of the Arizona Regional Multiple Listing Service (ARMLS).

Active Residential Single Family Inventory: 57,785
Pending Inventory: 4,327
Sold (9/1/07 thru 9/23/07): 2,117

Inventory continues to grow and turnover remains historically low. The silver lining is that the downward pressure on prices has already begun to attract savvy investors, eager to capitalize on the 'poor timing' of the amateur investors of recent years. I expect the market to continue to become more and more attractive to prospective home buyers who otherwise couldn't afford to purchase here. And that's a good thing!