The chart below illustrates some very positive trends occuring in the Phoenix real estate market.
The bar graph portion of the chart represents the "burn rate" for our inventory. Or how many months supply of homes we currently have on the market. This number has decreased dramitically from a high of approximately 20 months worth of supply in January 2008 to about a 9 months supply through February 2009.
The green line graph illustrates the number of active listings we have on the market. Again, this graph is showing a move in the right direction with current listings through February sitting about 48,000. Bear in mind that these numbers represent the inventory for the entire Multiple Listing Service in Maricopa County. Not just Phoenix.
The turquois line represents the number of new listings entering the market. Again, heading slightly down.
And lastly, but most importantly, the blue line. Which represents the number of sold homes. As we can see, this line has been holding steady and is starting to show a gradual up trend.
All of these graphs in combination with one another are showing that the Phoenix real estate market is starting to gain momentum. Anectdotally we can confirm these graphs by noting the multiple offers on correctly priced listings and the number of phone calls and showings we have been conducting lately.
For more illustrative graphs such as the one below go to www.NWPhoenixRealEstateGuide.com.
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