Days On Market by Price Range and Pending Sales for Phoenix Real Estate
The media continues to publish at every chance the woes of the housing industry; mortgage meltdown, rising foreclosures, negative equity and short sales, builders declaring bankruptcy, rising unemployment, etc. These are valid concerns and I see them taking their toll everyday. But somedays, it doesn’t feel like it. Especially when there multiple offers on short sale after just three days! Or competing with 9 other offers for a lender owned property that has been on the market for a week. It feels like 2005 again. But the typical buyer response is “But it’s a buyers market.” Or ” I just read that home prices are still going down!” I believe that the Phoenix metropolitan area median price will continue to trend downward this year, but remember it is the median calculation for an extremely large market covering many sub-markets and price ranges. Real estate is local and cannot be lumped into one all inclusive headline as the media loves to do. So let’s break it down by price range and cities.