Overall Market. There were 7,999 closings in the month of October, an increase of 3.2% over the previous month. With 37,902 active listings currently on the market, this gives us an absorption or market supply of approximately 4.7 months worth of homes on the market.
Phoenix. There were 2,147 closings in the month of October, an increase of 4.9% over the previous month. With 8,496 active listings currently on the market, this gives us approximately 4.0 months worth of homes on the market.
West Valley. There were 2,173 closings in the month of October, a decrease of 3.4% over the previous month. With 8,238 active listings currently on the market, this gives us approximately 3.8 months worth of homes on the market.
NE Valley. There were 684 closings in the month of October, an increase of 0.3% over the previous month. With 6,601 active listings currently on the market, this gives us approximately 9.7 months worth of homes on the market.
SE Valley. There were 2,114 closings in the month of October, a increase of 3.1% over the previous month. With 8,783 active listings currently on the market, this gives us approximately 4.2 months worth of homes on the market.
Scottsdale over $1m. There were 40 closings in the month of October, an decrease of -9.1% over the previous month. With 1,110 active listings currently on the market, this gives us approximately 27.8 months worth of homes on the market.
Scottsdale under $1m. There were 519 closings in the month of October, an increase of 5.7% over the previous month. With 3,702 active listings currently on the market, this gives us approximately 7.3 months worth of homes on the market.
Paradise Valley. There were 26 closings in the month of October, a decrease of -3.7% over the previous month. With 522 active listings currently on the market, this gives us approximately 20.1 months worth of homes on the market.
***The information contained in this report is provided by the Phoenix Multiple Listing Service and all statistical figures are factual. The comparisons of current active listings are based on the current inventory as of October 31, 2009. The absorption calculation is based on dividing the number of active listings by the number of property sold over a one month period. This data includes single family detached homes, patio homes, condos, and town homes.***
***Phoenix is searched as a single entity. The West Valley is Surprise, Peoria, Sun City, Glendale, El Mirage, Youngtown, Litchfield Park, Avondale, Goodyear, Buckeye, and Tolleson. NE Valley is Scottsdale, Paradise Valley, Fountain Hills, Cave Creek, and Carefree. SE Valley is Tempe, Mesa, Gilbert, Apache Junction, Queen Creek, and Chandler.***
Overall Phoenix Market Statistics (Demand)
Monthly Report (2009)
The statistics below are based on trailing twelve month average from November 2008 to October 2009 which shows the activity in the market over twelve months. As indicated in the chart below, the average sold price increased four consecutive months since March before decreasing slightly in August but increasing once again in September near the January high of $180,000. In addition, the average days on market has decreased -29.9% since March, as shown on the chart below. It appears the market has bottomed out since March of 2009, expect for the holiday months. Due to the holiday months, we will see a slight decrease in the average sold price, the number of transaction and possibly an increase in the number of days on market. Once the holiday seasons are over, the market should show signs of increasing momentum.
No comments:
Post a Comment