Queen Creek housing market update

Queen Creek Listings

As of January 18, 2009, Queen Creek has 1,483 active listings; this is a new high for Queen Creek!   Over the last 6 months we had an average of 444 new listings came onto the market. The highest month was September with a total of 511 new listings.  Most of these new listings are Short Sales and Bank owned properties.  Since July, inventory on the market has increased each month to reach 4.31 months of inventory.  (At current sales numbers it would take 4.31 months to clean up the inventory.  A healthy inventory is considered approximately one month.)  Sold listings are averaging 342 with November being the worst month at 279. The banks are listing several foreclosures each month; these homes are great for first time buyers, investors and second home buyers. Currently there are 299 short sales waiting for bank approval that add to the overall listing numbers.  December was a slow month as normal; however, November sold numbers jumped to 268 as opposed to 143 last November.  So far, this January is off to a great start with 145 sold (closed escrow).

Due to my recent phone activity and the fact that interest rates are at a all time low (visit my site to get current rates www.shawnstagg.com ).   I believe that January will be good month for closed listings.  Also for the first time in several months , I actually ran into several other agents when I was showing property yesterday.  

I will update January numbers at the end of the month.