These charts tell a story, at least from the perspective of the number of homes selling in the City of Phoenix.
2005 was a record year for real estate sales.
Sales dropped off in 2006 (red line).
But that was only the beginning. In 2007 (purple line), sales continued to drop, significantly.
2008 (olive line) shows that after a few weeks of record low real estate sales, a gradual and continued increase in sales lasted through September where it basically plateaued.
After the seasonal drop at the beginning of the year, sales for 2009 have continued to increase and have now very rapidly surpassed the record year of 2005.
It will be interesting to see how sales figures hold up with the decreased inventory we now have.
Tomorrow, I’ll do this same exercise for price, so you can see why I’ve been calling our market "vibrant" and "distressed". They both hold true.
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