Phoenix Real Estate Update: 5/24/12
Greater Phoenix Real Estate Update – May 24, 2012
The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 5/24/12.
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 covers the past 2 weeks. During that time, we see that Active inventory continues to slowly dwindle, while AWC/Pending and Sold units show signs of stabilization — a sign of tight supply.
Notably, we saw the average sales price increase 4.2% during this time, while the median price rose 3.5%. Look for this trend to continue as long as demand continues to outstrip supply.
I’ve always been one to let people connect the dots for themselves, but I’ll say it anyway: “If you’re thinking about buying in the Phoenix market, now is the time!”
Days since last stats update posting: 14
Total Active Inventory: 10,123 units (10,327)
Single Family Homes: 8,312 units (8,471)
Patio Homes: 210 units (217)
Condos/Town Homes/Other: 1,600 units (1,639)
Total AWC/Pending Inventory: 19,723 units (19,723)
Single Family Homes: 17,383 units (17,354)
Patio Homes: 216 units (219)
Condos/Town Homes/Other: 2,120 units (2,150)
Trailing 30-Day Sales Data
Total Sales: 7,961 units (8,036)
Single Family Homes: 6,792 units (6,823)
Patio Homes: 139 units (142)
Condos/Town Homes/Other: 1,031 units (1,071)
Average Sales Price (sold properties): $204,471 ($196,228)
Median Sales Price (sold properties): $147,000 ($142,000)
If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.