One of my clients mentioned today that he visited a web site where it showed there were over 60,000 homes on the market in Phoenix. We talked about how some web sites are slow to update their data, and many of those homes were probably under contract or already sold.
I decided to get the most recent update, so here it is, straight from the Arizona Regional Multiple Listing Service – two years of Phoenix area residential home sales data.
When you view this data in a graphic format, you can see where Phoenix real estate market has been and where the more recent changes are. (If you click on the graph, you’ll can see it in a larger format.)
To me the important points are:
- Months of available inventory (the number of properties listed for sale divided by the sales rate)for March was just under 5 months. Creeping up a bit, but still a pretty balanced market.
- New listings are following a very similar pattern to that of 2009. While they are increasing this spring, that is pretty typical for this time of year.
- Active listings have been increasing, but in March you can see the tremendous number of home sales. Third highest month in the last two years. And it’s only the second day of the month, it’s conceivable that when all the end of the month data gets input, that March 2010 could actually be the second high sales volume month in this tracking period.
- The number of active listings at the end of March was 43,471. This number has been increasing steadily since Summer 2009, but is still significantly less than the 60,000 homes that were on the market exactly two years ago.
Definitely some progress and a bit of good news.
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