March sales of homes including condos and townhomes for the greater Phoenix area were up 78% over last year. This is for all homes listed and sold through the Arizona Regional Multiple Listing service. Number of months of inventory went from 14.1 in March 2008 to 6.8 in March 2009. There is still some variance between cities in the area. Listed below are months of inventory by city.
Lots of buyers have been responding to the low prices and low interest rates available. It is also likely that the First Time Home Buyer Tax Credit is also spurring on sales. If you want to tax advantage of the tax credit, we advise that you don’t wait until fall. Sales must close by December 1, 2009 to qualify for the credit. There may be a big rush in October and November which could make it difficult for everyone who wants to close by December 1 to do so.
Number of Months of Inventory by City
- Chandler 6.9
- Gilbert 6.4
- Mesa 6.6
- Phoenix 5.7
- Queen Creek 3.9
- Scottsdale 16.4
- Tempe 12.8
This data is supplied by the Arizona Regional Multiple Listing Service. ARMLS, West USA, and Pat & Amy Monahan do not guarantee the accuracy of the data.