Phoenix Real Estate Update: 6/21/12
Greater Phoenix Real Estate Update – June 21, 2012
The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 6/21/12.
The data includes Greater Phoenix residential properties (houses, patio homes, town homes, and patio homes). It excludes land, new construction, 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 covers the past 16 days. Since last reporting, we’re seeing a small bump in available inventory, but just a small bump (just over 1%). After several months of declining inventory, this is a welcome sign. Hopefully we’ll continue to see the number rise to a historically-healthy inventory level in the mid-20,000’s of units. One report does not constitute a trend, so time will tell.
During the last reporting period (end of early May into June), the average sales price of Phoenix real estate rose less than 1%. This 16 day reporting period shows an increase of 2.32%. Still a lower growth than we have seen in previous sessions.
The median price of Phoenix real estate held steady this period.
Is the Phoenix real estate market leveling out again? Are we starting to shift back to a more balanced market? Stay tuned for future updates…
Days since last stats update posting: 16
Total Active Inventory: 10,133 units (9,914)
Single Family Homes: 8,354 units (8,152)
Patio Homes: 190 units (189)
Condos/Town Homes/Other: 1,589 units (1,570)
Total AWC/Pending Inventory: 18,726 units (18,763)
Single Family Homes: 16,505 units (16,544)
Patio Homes: 197 units (207)
Condos/Town Homes/Other: 2,024 units (2,012)
Trailing 30-Day Sales Data
Total Sales: 8,054 units (7,712)
Single Family Homes: 6,997 units (6,631)
Patio Homes: 106 units (106)
Condos/Town Homes/Other: 951 units (975)
Average Sales Price (sold properties): $210,986 ($206,209)
Median Sales Price (sold properties): $150,000 ($149,900)
While our market is showing definitive signs of strengthening and competition for properties is fierce, it’s always possible to find great opportunities with the right Realtor on your side. For help with your search, call or email me directly.
If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.