Spring is here and we are all reminded why we live in the Southwest! March has fallen right in line with the annual trend when we usually start to see things pick up. The Sales Snapshot continues to show that our market is down from 2007 and while that is not new news, on a high note, the statistics from February 2008 to March 2008 show that we are in a recovery phase. This is the information that is going to show us where our market conditions are currently.
Home Sales Volume: Increased 25.29% 2/08 $186,129,758 3/08 $233,207,940
Average Sales Price: Decreased 1.15% 2/08 $262,155 3/08 $259,120
Pending Contracts: Increased 30.67% 2/08 1,079 3/08 1,410
Active Listings: Decreased 1.59% 2/08 9,168 3/08 9,022
New Listings: Increased 0.49% 2/08 2,432 3/08 2,444
Home Sales Units: Increased: 26.76% 2/08 710 3/08 900
Median Sales Price: Increased 0.05% 2/08 $199,900 3/08 $200,000
Home Sales Volume Decreased 35.64% from $362,397,582 in March 2007 to $233,207,940 in March 2008.Home Sales Units Decreased 32.78% from 1,339 in March 2007 to 900 in March 2008.
Average Sales Price (all residential types) Decreased 4.25% from $270,648 in March 2007 to $259,120 in March 2008.
Median Sales Price Decreased by 9.42% from $220,815 in March 2007 to $200,000 in March 2008.
Pending Contracts (not yet closed in escrow) Increased 18.28% from 1,192 in March 2007 to 1,410 inMarch 2008.
Active Listings Decreased 11.41% from 10,185 in March 2007 to 9,022 in March 2008.
New Listings Decreased 9.81% from 2,710 in March 2007 to 2,444 in March 2008.
As you can see, our market is starting to turn the corner in a small but positive way.2008 IS the time to buy a home!
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