MLS Stats as of 2/8/08 Phoenix metro
I thought it would be worth posting some statistics regarding the market. As of last Friday, the total number of homes on the market dipped down nearly 5% over the Holidays but have moved back up since. They are still sitting at a lower level, 45414 or down about 2%, from the end of the year. However the current rate of closings is very low due to the fact that it is reflecting activity from the end of the year. Closes in the previous month were 2362 which gives us a supply of 19 1/4 months.
One positive sign is the current Pending sales. The good news is these are at the highest level that level we have seen since last August before the meltdown. We'll see if this translates in to more closings in the next month.
Best market in the Valley continues to be the SE area at 15 3/4 months supply and next is Scottsdale under $1M at 17 1/4 months.
Luxury Markets are at a staggering 3 1/2 YEAR supply level.
The comparison of current active listing change is based on the previous week's inventory. Supply numbers are based on the number of closings in the previous month, divided in to the total number of active listings. This data is for Single Family Detached homes only and does not include patio homes, condos, or town homes.
Entire MLS (Maricopa and Northern Pinal county), listing inventories are relatively unchanged from last week. Total of 45414 active listings. Based on current rate of closings, about a 19 1/4 month supply.
200's area (Central Phoenix). Listing inventories are unchanged from last week. Total of 6396 active listings. About a 21 month supply.
300's area (West Valley). Listing inventories are unchanged from last week. Total of 15111 active listings. About a 20 month supply.
400's area (NE Valley), Listing inventories are up 1% from last week. Total of 7589 active listings. About a 21 1/2 month supply.
500's area (SE Valley), Listing inventories are unchanged from last week. Total of 11341 active listings. About a 15 3/4 month supply.
Scottsdale over $1m. Listings inventories are up 2% from last week.
Total of 1601 active listings. About a 40 month supply.
Scottsdale under $1m. Listing inventories are unchanged from last week. Total of 2555 active listings. About a 17 1/4 month supply.
Paradise Valley. Listing inventories are up 6% from last week. Total of 420 active listings. About a 42 month supply.
Adam Tarr
RE/MAX Excalibur
Scottsdale, AZ
Your Phoenix Area Real Estate Source
480-483-3333
adam@WeAreAZRealEstate.com