If you wonder why I am so delinquent in posting the March numbers (or any other posts for that matter), it’s been because we’ve been BUSY!!! You’ll understand just how busy when we get to the numbers, and if my schedule is any indication how the April numbers will look, I think you are going to see som interesting things – positive things – very soon. Enough talk. The charts (click the charts to see the full-sized image – opens in a new window).
The first chart shows that, though there have been more new listings added in the last month than any of the previous 4 months, sales are up above anywhere they’ve been in over 2 years and inventory is down dramatcally for the third month in a row and down to the lowest point in over 2 years.
Again, we see the dramatic spike in sales, but we also are watching the increase in days on market. I think some of this could be explained by the length of time it takes to take a short sale from contract to close of escrow.
This one is self explanatory. Prices continue to fall, but we wonder how long that can last…
Again we see days on market on the rise and prices in a long decline. We are hoping that the sales of the last couple of months can help to stabilize both of those trends.
Last we see that price changes on the average continue to trend toward the ‘less-drastic’, and I think that, if weighed against the actual drop in values over the last 2 years, these numbers are pretty remarkable.
What can we say? The same trends have been moving in the same direction for several months, and I’ve basically been saying the same things for all of those months, but I think that we are, in some respects, at a tipping point where people are shrugging off much of the bad news that they’ve been bombarded with over the last year and a half because they know that, historically, there aren’t often buying opportunities like this.
Stay tuned to this space in the next couple of weeks when the April numbers roll out, and 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.
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