Market expert Susan Kessler is reporting some low sales figures for the Greater Phoenix metro area.
Sales volume is down around 25 percent, she says, compared to the average volume of sales over the past 7 years.
It's best to keep in mind though, that 2003, 2004 and 2005 were boom years for this market, which skewed the average pretty severely.
Kessler says due to the high inventory and low sales, prices have dropped back to 2005 levels, or slightly lower, in most areas.
So, what will it take to stop the drop in prices.
Kessler says they needs to get through approximately 5 to 6 months of supply before they reach a balanced market
There is good news for Tempe, though, which Kessler reports is the only city in the area showing increasing prices over the past few months, due to it's close-in structure and exciting new building developments.
And the Phoenix Metro area overall continues to experience strong population growth, making a home purchase here a likely wise investment.
For more information on this area, contact Susan Kessler at 480-567-2310.
Published: May 8, 2008
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