The reports are back and they’re really mostly a continuation of last month’s numbers. Make sure to click on the chart to see the full size (opens in a new window).
The first thing we see is that despite the slight increase in new homes on the market and the slight decrease in sales, the number of homes on the market is down to about same level as April of 2007. This is a fairly dignificant development.
We can see from the above chart that the number of homes sold is down a bit and the average days on market is slightly higher than it was last month.
Prices are still in decline due to the bargain hunting – just look at the average sale price (bar at the bottom of the chart).
The above chart is just another way to represent data that you’ve already seen. One trend that we will want to watch is the relationship between price and days on market – usually it is direct, but here we see that it is inverse; it could be an anomoly.
Last but certainly not least, the Price Change Trends chart continues to show what we have been observing for the last 7 months: That reductions in price continue to shrink.
Stay tuned to this space for analysis of the February Phoenix Real Estate report when it comes out in just over a week – it will give us an idea of how the shift in the equity markets is beginning to affect our market. If you see anything that you have questions about or there is another area you would like to see covered, please let us know.
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