Let’s Look at the Numbers – How is Phoenix Real Estate Trending?
The official sales stats for May have been released by the Arizona Regional Multiple Listing Service (ARMLS) and the trends are consistent with what one would expect to see (historically) for Phoenix real estate and Scottsdale real estate in terms of the seasonal sales cycle.
Here are a few key stats for 2008, as reported by ARMLS:
Listing Inventory (Houses + Condos)
Days on Market (DOM)
-January: 110 (single family)/117 (condo)
-February: 109 (single family)/104 (condo)
-March: 102 (SF)/118 (condo)
-April: 104 (SF)/113 (condo)
Median Sales Price (House + Condo)
I believe we’ll continue to see unit sales pick up through the summer into the fall and a corresponding small correction in days on market. Dropping prices from foreclosures, short sales, and increasingly-motivated (and realistic!) sellers will continue to stimulate demand and shorten the average market time. Eventually, this dynamic will give way to a healthy market.