Phoenix Real Estate Update: 4/9/12
Greater Phoenix Real Estate Update: 4/09/12
The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 4/09/12.
The data includes residential properties (houses, patio homes, town homes, and patio homes). It excludes land, multi-family properties (2+ units), commercial properties, mobile homes, and timeshares.
The search area covers a 40-mile radius centered on Phoenix Sky Harbor Airport, creating a circle with an 80-mile diameter.
The red number in “(brackets)” represents the results from the last report that I posted to this blog.
This reporting period has seen inventory dip slightly relative to the last update of 3/29/12, and so has Pending inventory, as competition for Greater Phoenix real estate remains stiff.
A certain (unpredictable) number of properties at any given time are considered over-priced and/or inherently flawed in some way, such as locational or characteristic defects. These are the homes that will be the last ones to sell at any given time and will require the most discounting to clear out. These types of properties ‘pad’ the appearance of available inventory.
Phoenix real estate continues to sell at a torrid pace. Not surprisingly, average and median sales prices continue to tick up, as the law of supply and demand plays out.
Total Active Inventory: 11,292 units (11,627)
Single Family Homes: 9,250 units (9,496)
Patio Homes: 276 units (276 – unchanged)
Condos/Town Homes/Other: 1,764 units (1,853)
Total AWC/Pending Inventory: 19,853 units (20,011)
Single Family Homes: 17,379 units (17,472)
Patio Homes: 240 units (249)
Condos/Town Homes/Other: 2,237 units (2,293)
Trailing 30-Day Sales Data
Total Sales: 8,209 units (7,482)
Single Family Homes: 6,916 units (6,335)
Patio Homes: 143 units (133)
Condos/Town Homes/Other: 1,150 units (1,014)
Average Sales Price (sold properties): $186,620 ($184,455)
Median Sales Price (sold properties): $135,000 ($131,000)
If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.