Some of these charts, over the months, can tend to be redundant; I am sensitive to that and apologize, but I need you to understand where the market has been and where it is going. Without further adieu, here are the charts (click on the chart to see the full-sized chart, and remember that it will open in a new window)…
I think this is the most refreshing chart to look at because it shows three important things happening: New listings are down, sales are up, and inventory is at its lowest level in about 2 years.
Here we see that despite the increase in the days on market, sales are, as mentioned above, up to their highest levels in 5 months.
Here we see that prices continue to decline but I think if we can see a couple of bumps where the List Price/Sale Price Ratio gets a little higher like we saw in September of ’08, we may see a bit more of a flattening effect in the fall of prices.
Here again we see the fall in prices over the 2 years in all but 4 months (as compared to the previous month) set against the backdrop of the increased days on market.
It appears that, at least for the month of February, there was a stalling effect in the price change trends. We had been watching the decrease in price changes among active listings shrinking steadily now for the past 6 months, and although February represents a 7th month – just barely – it represents the smallest decrease in that trend for the last 7 months.
I think we can sum things up by saying a number of things that I’ve been saying already but also something new. Quite simply, I think we are seeing the money that has been pulled out of the equity markets now flowing into real estate, but these people are still looking for bargains. They are snatching the bargain prices and chipping away at the inventory which is a good thing. Stay tuned to this space 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.
Filed under: For Buyers, For Sellers, Phoenix Real Estate, Real Estate Market Watch, Real Estate Opinions Tagged: | active homes, arizona premiere living, blog, buying a home, charts, falling prices, home prices, housing reports, inventory, market statistics, moving to arizona, nw phoenix real estate, phoenix real estate, real estate guide, sellers, short sale, sold homes, supply and demand
