The numbers are in and they, as usual, have a great deal to say about where we’ve been and where we’re going. As usual, click on the chart for the full-size image (opens in a new window).
The above chart shows us that the number of listngs on the market has remained steady while new listings are down, sold listings are up, and inventory levels are back down to about 10 months. These indicators are all positive.
The above chart shows us that, again, the number of sold properties is up around that 5.6K figure and we are seeing a decrease in days on market for those sold properties.
The chart above shows that though sales volumes are up over the previous month, prices still are declining, but that is why we have to watch inventory levels – price is a lagging indicator of the supply available. We’ll see prices stabilize as the excess inventory is scooped-up.
The above chart is a bit of a re-hash, but it does rather effectively show the relationship between the decrease in sold prices and the decrease in the sold days on market.
This last chart continues to show what, in my opinion is the most untold story in this market and that is the trend showing what I what I wold term a “rebound” when it comes to the average amount that homeowners are lowering the price of their homes in order to get them sold. As long as this trend continues, in conjunction with sales holding steady, we’ll see a nice decrease in inventory levels and a stabilization of home prices to follow.
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Filed under: For Buyers, For Sellers, Phoenix Real Estate, Real Estate Market Watch, Real Estate Opinions | Tagged: phoenix real estate, arizona premiere living, HUD Homes, relocating to phoenix, bank owned homes, short sales, latest reports
