Phoenix Real Estate Update: 4/27/12
Greater Phoenix Real Estate Update: 4/27/12
The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 4/27/12.
The data includes Greater Phoenix 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. It’s important to note that the bracketed numbers will reflect Phoenix and Scottsdale real estate data from 1-2 weeks prior, depending on the frequency of my postings. To help interpret the significance of the changes relative to time, I’ve added a field at the top that indicates the number of days since the last status update.
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.
This reporting period, about 11 days from the last, reveals that Active and Pending inventory is continuing to dwindle, albeit at only modest rates.
The interesting data regarding this period relates to SOLD inventory and sales prices — both of which demonstrated substantial gains. As Phoenix real estate values rise, more and more existing homeowners will find themselves no longer ‘under water’ on their mortgages, and appraisers will have data points that they can use to substantiate higher purchase offers.
Days since last stats update posting: 11
Total Active Inventory: 10,796 units (11,130)
Single Family Homes: 8,886 units (9,131)
Patio Homes: 228 units (261)
Condos/Town Homes/Other: 1,701 units (1,739)
Total AWC/Pending Inventory: 20,011 units (20,058)
Single Family Homes: 17,567 units (17,539)
Patio Homes: 241 units (243)
Condos/Town Homes/Other: 2,203 units (2,223)
Trailing 30-Day Sales Data
Total Sales: 8,481 units (7,995)
Single Family Homes: 7,124 units (6,692)
Patio Homes: 141 units (143)
Condos/Town Homes/Other: 1,217 units (1,160)
Average Sales Price (sold properties): $197,691 ($184,836)
Median Sales Price (sold properties): $139,545 ($135,000)
If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.