The Arizona Regional MLS (ARMLS) has published its July home sales report for the Phoenix Metropolitan area.
Highlights include:
June home sales continue to increase, following a five month trend
June sales were the high monthly total in the past 12 months AND number of sales were the highest since August 2005
If this year’s home sales continue tracking at their current rate, 2010 sales could could exceed 100,000, and go on record as the second highest sales year ever.
Inventory has held steady all year long, with just over 40,000 units.
The Months Supply of Inventory metric has remained just under 5 months for all of 2010.
Average and median list prices set new record lows for the decade.
Sales prices have been showing signs of stabilization.
However, the ARMLS Pending Price Index continues to predict a slight reduction in sales prices.
As of this report, pending foreclosures are down, and lender owned sales continue to decline.
Average Days on Market (DOM), or the number of days it takes to get an accepted contract has been fairy stable over the past year.
Read the report to get complete commentary and graphic view:
Bob Bemis, CEO of the Arizona Regional Multiple Listing Service (ARMLS), spent a few minutes on Channel 12 yesterday morning announcing new real estate statistics now available for the Phoenix market.
When a home seller accepts an offer on his home, the listing agent is required to input certain information into the MLS system about the sale. Information which is hidden from public view. Information includes closing date and agreed to sales price.
ARMLS will now be publishing a monthly report, so that agents can share what is truly going on with the Phoenix real estate market real time, utilizing the ARMLS Pending Price Index™. Bob does a great job of explaining why this statistic is more relevant than others, and he also shares his insights on the market.
Take a few minutes to listen to Bob’s interview, and then if you’d like to know more, please let me know. I have a full copy of the May 2010 ARMLS Stat Report, which I can email to you at your request.
Interesting chart that Michael Orr has on his lead-in page at CromfordReport.com today.
Look at all these highs and lows that were recorded in April 2009.
Today, a year later, I’ve posted today’s results for some of the most meaningful statistics:
Market Statistic
Reading
Difference
%
Pending Listings
13,915
-98
-0.6%
Monthly Sales $/SF
$91.64
+$9.58
+11.6%
Average Price – Monthly Sales
$176,657
+$20,792
+13.3%
Median Price – Monthly Sales
$127,500
+$12,450
+10.8%
Days on Market – Active Listings
146
-24
-14.1%
Slightly few homes under contract (negligible), prices increasing slightly, and homes selling more quickly. Pretty good news, wouldn’t you say?
The figures shown are for the entire Arizona Regional area as defined by ARMLS (Arizona Regional Multiple Listing Service). All residential resale transactions and all dwelling types (singfle family houses, condos, townhouses, patio homes, manufactured homes on land) recorded by ARMLS are included. For-sale-by-owner, auctions and other non-MLS transactions are not included. Land, commercial units and multiple dwelling units are also excluded.
Bob Bemis, CEO of the Arizona Regional MLS, shared the latest sales figures, including foreclosures and short sales for the Phoenix real estate market on the Channel 12 news this morning.
A real quick overview for you in just about three minutes.
As Scott points out, the future remains to be seen, and…
The obvious question is whether or not these gains are sustainable with the ongoing increases in foreclosure rates and the “shadow inventory” on bank balance sheets.
Head on over to read this relavant article and get the full story.
This morning, I visited Elliot Pollack’s web site, ArizonaEconomy.com to get a more global perspective on Phoenix population growth, employment, real estate statistics. It had been awhile since I spent much time cruising this information-packed site.
Here are the pages I recommend reading to get a quick sense of where our local economy is:
Greater Phoenix Population Growth (%) - Looking at the past 30+ years, you’ll see how cyclical Phoenix growth as been even though the area has continued to grow year after year.
Greater Phoenix Employment Growth (%) – Again with 30+ years of data, you’ll see that this not the first time that the metro area has experienced job loss. However, it is the first time that negative job growth was documented for two consecutive years.
Properties In Foreclosure – Clearly, you’ll see evidence of the "shadow inventory" that many have referred to. These are the homes that are in pre-foreclosure, where the bank has not foreclosed on yet.
Single Family Sales – Here are a couple charts I put together after reviewing the data on this page. Looking at just resale figures, it appears that 2009 home resales will end up close to, or over, 100,000 properties, which puts it on track to approach or match the number home sales in 2004 and 2005.
However, adding in new homes sales paints a slightly different picture, one where total new and resale home sales will exceed the past several years, but are not record setting, by any means.
Months Supply of Resales – This is the chart that begs the question, "What is normal?" Over the past six years, Phoenix real estate has been anything but normal, with the market bouncing from sellers to buyers, and then appearing to head back to a seller’s market. You’ll see there may be some sense of normalcy in the near future.
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