Arizona Real Estate market supply of homes varies greatly

The Phoenix & Scottsdale real estate market continues to chug along. May & June 2009 have shown some strong number of sold Az homes averaging just over 9,000 each month. The last time the Arizona real estate market sold that many homes in one month was September 2005, almost 4 years ago.
We currently are showing about a 3-4 month supply of homes on the market which is considered normal for the Phoenix real estate market. However, everyone here in the market would describe it as anything BUT normal! Some of the discrepancies that we are seeing are in the local cities & towns and the numbers tell quite a tale. Scottsdale homes are at about a 7-8 month supply, up North in Cave Creek & Carefree it’s over 10 months and in Paradise Valley it’s about 26 months. Arizona luxury homes aren’t moving too well right now either as the month’s supply for homes over one million is almost 30 months. We can’t begin to believe we are back in a normal market until those numbers come down quite a bit.

Related posts:

1. Arizona Supply of Homes
2. Current Phoenix Real Estate Inventory
3. Phoenix Arizona Real Estate Market Changing….For the Better?
4. Phoenix & Scottsdale Real Estate Statistics
5. Phoenix & Scottsdale Homes market Stats