I’ll keep this one quick and pulpy primarily because not a great deal has changed in the numbers.  This, if you haven’t been following, is a good thing.  Let’s get right to the charts  Remember, click on any of the charts to see the larger version (opens in a new window).

Here in the Active, Sold & New Listings chart, we can see that the number of active homes on the market has gone up slightly, but with the increased number of sales – slightly above last month’s numbers – the inventory calculation went down slightly to 4.81 months.

The Sold DOM vs. Units chart illustrates the elevated number of sales over the last month, and shows that there is still steam in this market.  This market has sold at least 7.5K homes every month since March of this year and has really put a dent into the days on market number.

When we look at the Volumes & Avg. Prices chart, we see that prices are down slightly – likely due to the lower list price – however the sales dollar volume has increased slightly for the third month in a row.

Moving to the Sold DOM vs. Sold Price chart, we again see the drop in sales price, but we also a steadily falling days on market number – now down under 90 days where we would love to see it stay.

As we look at the Price Change Trends chart, we can see that price reductions on active properties with price changes are actually on par with those of 2 years ago.  This represents a sort of climbing out of a race to the bottom mentality and a reclamation of value in real estate which is something that this market has lacked for the last couple of years now.

Though the numbers aren’t drastically different from the last couple of months, there is still much to be excited about and much to be concerned about as well.  On the one hand, the indicators that we are looking at in the above charts along with the new and improved $8,000 First Time Homebuyer Tax Credit (it actually includes something for existing homeowners as well) paint a very promising picture for the real estate market in the next 6 months, but on the other hand, unemployment numbers are on the rise and the economy remains in shambles giving us pause when we look to the future.  I always say that the real estate market does not happen in a vacuum, and sooner or later, one factor will always catch-up with the other; we just hope that reunion is a peaceful one.

Stay tuned to this space in the next month for the latest in Phoenix real estate, but feel free to check out our real estate resources section of our website – we update it frequently. Thanks again, and let me know what you think.