Phoenix Arizona Real Estate looks like it is on the rebound! Some amazing statistics are starting to appear supporting a rebound in Phoenix AZ Real Estate. Single family home sales in Phoenix AZ in February were strong at 4,901 homes. It was the best February for number of homes sold since 2006. Single family homes sales in metro Phoenix in January were very strong for a January, 4,285 homes a 52% increase over February of 2008. The number of single family detached homes listed for sale actually FELL 4% in a 30 day comparison ending March 15th 2009. Last year, the inventory increased 1% in March. The February 2009 Phoenix AZ Real Estate inventory of homes listed for sale was equivalent to a 9 months’ supply of homes. That is still a buyer’s market to be sure but it is also a significantly smaller supply of homes than February 2008 when we had over 16 months of inventory. Greater Phoenix home sales usually start to rebound in February. January is typically the slowest month of the year for home sales in Phoenix. Home sales in Phoenix usually take off in March. The buyer psychology is changing. Pricing seems to have bottomed as the median home price fell just $3,000 compared to $13,000 over the same period last year. Demand for real estate is returning to the Phoenix AZ Real Estate market. Demand seems to be coming from several sources, investors returning to the market because the sense the bottom is here, first time home buyers who are buying homes and getting a $8,000.00 tax credit along with the normal flow of real estate transactions you normally expect in a metropolitan area like phoenix with a population in excess of 3.6 million. The decline in the downward momentum in Phoenix home prices suggests the market as a whole may be approaching a bottom. Overall the median single family home price in metro Phoenix of homes sold via the MLS fell to $127,900 in February 2009. The median home price in Phoenix, Arizona hasn’t been that low since January 2001. FHA loan limits have also been increased. For example, Phoenix AZ the previous limit was $271,050 but the new limit is $346,250. Although there are significant variations within the area, the residential real estate market for Phoenix AZ as a whole continues to correct and improve. We expect a continued sharp lowering of the inventory of homes on the market. Inventory will likely reach the “normal” range before late summer. More information is available at http://www.Phoenix-AZ-RealEstate.com along with a great way to find the best deals in Phoenix AZ Real Estate. Phoenix Median Home Price - Non-Foreclosures February 2009: $133,000 February 2008: $230,000
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