A quick overview of key real estate indicators shows that overall 2011 was definitely a step in the right direction for Phoenix metro real estate.
- Total sales exceeded 100,000 transactions up, exceeding our last “normal” years in 2002, 2003, and 2004.
- Total new listings of 121,041 also approached the pre-boom years.
- Months supply of inventory is also righting itself, and now hovers about 4-4 1/2 months.
- Pending foreclosures dropped significantly, and are now 60% below the decade high.
- Distressed sales (short sales and foreclosures) dropped from 70% of total sales to just under 60% for each of the final two months of the year.
- Short sales now exceed foreclosures.
- Median sales price increased about 5%, while average sales price inched up 3%.
- Unemployment started the year at over 9%, and dropped almost 1.5% through Novembers estimates.
All in all, these numbers paint a picture of a Phoenix real estate market that is strengthening and gaining steam. Seems that 2012 is going to be a pretty good year!
Credit goes to the Arizona Regional MLS for these stats. If you’d like to see their full report, complete with some very helpful charts, click here: Stat 2011 Year in Review
{ 2 comments… read them below or add one }
Lets hope 2012 is just as good!
Agree!