Phoenix Real Estate Update: 5/10/12
Greater Phoenix Real Estate Update – May 10, 2012
The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 5/10/12.
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 downtown 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 1-3 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.
This reporting period, about 13 days from the last, reveals that inventory continues to dwindle across the board, including sales. As long as Active inventory remains scarce, we’ll see it filter through into Sold data.
The average sales price dipped slightly, while the median price rose a few thousand dollars as buyers continue to vie for limited inventory.
Our market remains a strong seller’s market. New listings in the sub-$300k segment receive literally dozens of showings the first day they’re listed and 10-20 offers are not uncommon for opportunities that are priced right.
Days since last stats update posting: 13
Total Active Inventory: 10,327 units (10,796)
Single Family Homes: 8,471 units (8,886)
Patio Homes: 217 units (228)
Condos/Town Homes/Other: 1,639 units (1,701)
Total AWC/Pending Inventory: 19,723 units (20,011)
Single Family Homes: 17,354 units (17,567)
Patio Homes: 219 units (241)
Condos/Town Homes/Other: 2,150 units (2,203)
Trailing 30-Day Sales Data
Total Sales: 8,036 units (8,481)
Single Family Homes: 6,823 units (7,124)
Patio Homes: 142 units (141)
Condos/Town Homes/Other: 1,071 units (1,217)
Average Sales Price (sold properties): $196,228 ($197,691)
Median Sales Price (sold properties): $142,000 ($139,545)
If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.