A friend of mine shared these stats from another broker in town. I wanted to post them to show a second source for the market activity. This is the same facts, res-stated showing the market is shifting from a Strong Buyers market towards neutral. As this occurs, price declines will stop and eventually price appreciation will begin again! Thank you to Karl Stauffer for his weekly market update.
Just my opinion…Jeff Cameron
Karl Stauffer’s Weekly Market Update
Weekly Inventory Level Comparison
©2009 Karl Stauffer
As of Friday, February 27th, 2009.
We are starting to see some dramatic changes in our market. Available supply of Single Family Detached homes dropped below 40,000 this week to 39,828. That, coupled with 5907 closings in the previous month left the market supply at 6 3/4 months.
The last time we were below 40,000 SFD for sale was March 2007.
The last time we had over 5900 Closes was May 2007.
The last time we had over 10,000 Pendings was June 2005.
For those of you that read the papers, I will restate the above information in a more dramatic current headline format;
AVAILABLE SUPPLY OF HOMES PLUMMETS AS CLOSING RATE SOARS!
This is how the media would report it if they were interested in paying attention to some positive housing market news.
Phoenix continues to be the best market in the Vally right now at 5 1/4 months followed by the West Valley and the SE Valley at 6 and 6 1/2 months respectively.
The higher end continues to lag due to a lack of realistic financing above conforming amounts of $417,000.
The comparison of current active listing change is based on the previous week’s inventory. Supply numbers are based on the number of closings in the previous month, divided in to the total number of active listings. This data is for Single Family Detached homes only and does not include patio homes, condos, or 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.
Breakdown by Area
Overall Market. Inventories are down 2% from last week. Total of 39828 active listings with 5907 closings in the last month. About an 6 3/4 month supply.
Phoenix. Inventories are down 2% from last week. Total of 9140 active listings with 1753 closings in the last month. About a 5 1/4 month supply.
West Valley. Inventories are down 3% from last week. Total of 10064 active listings with 1675 closings in the last month. About a 6 month supply.
Inventories are unchanged from last week. Total of 5728 active listings with 328 closings in the last month. About a 17 1/2 month supply.SE Valley.. Inventories are down 3% from last week. Total of 9000 active listings with 1446 closings in the last month. About a 6 1/4 month supply. Scottsdale over $1m. Inventories are unchanged from last week. Total of 1497 active listings with 34 closings in the last month. About a 44 month supply.Scottsdale under $1m. Inventories are down 1% from last week. Total of 2491 active listings with 204 closes in the last month. About a 12 1/4 month supply. ParadiseValley.. Inventories are down 1% from last week. Total of 562 active listings with 15 closes in the last month. About a 37 1/2 month supply.
I hope you find this information useful.
NXT Generation Real Estate