jimlittleaz.us » market report http://jimlittleaz.us My Sun City Az Real Estate Blog Sat, 16 May 2009 22:52:12 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 1st Quarter Sun City Market Report http://jimlittleaz.us/2009/05/03/1st-quarter-sun-city-market-report/ http://jimlittleaz.us/2009/05/03/1st-quarter-sun-city-market-report/#comments Sun, 03 May 2009 16:25:19 +0000 admin http://jimlittleaz.us/?p=10 The real estate market in Sun City is showing mixed signs of recovery. We have 770 active listings and 123 listings were sold in April. This results in 6.26 months of inventory. Thi 6.26 months of inventory (absorption rate) is very significant. An absorption rate of 6 is considered to be a balanced market. More than six is considered a buyer"s market. less than 6 is a seller's market. If this continues for 2 more months we will have a balanced market for the first time since the 2004-2005 market bubble.

Average selling prices were $135,000 for single family homes and $99,000 for condos and duplexes. Interest rates are at a 37 year low now. This, coupled with the first time buyer's refundable tax credit of up to $8,000 makes today the best time to buy a home in the memory of most agents in the business today.

1Q2008 Chart

Jim Little, your Sun City REALTOR

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