The Phoenix real estate market continues to show signs of leveling off. The year over year numbers again showed some sharp drop offs in every category, but month over month positive signs are starting to show. And we have to remember that last year folks were trying to beat the October deadline for the home buyer tax credit. The bidding wars have begun to taper off, and the mad rush on bank owned homes seems to have subsided. Other indicators such as home affordability, rental rates vs. home prices, and historically low interest rates still indicate that we are in a great home purchasing environment.
Here are September's numbers through the week ending 11/30/10:
Active Listings: 9,187 (Down 2% from Oct. '10, Up 25% from Nov. '09)
Homes Pending: 4,221 (Up 1% from Oct. '10, Down 1% from Nov. '09)
Homes sold in last 30 days: 1,101 (Up 25% from Oct. '10, Down 42% from Nov. '09)
Burn rate (Inventory on market/by homes sold last 30 days) = 3 months supply
Avg. Sale price (Solds): $104,817 (Down 10% from Oct. '10, Down 25% from Nov. '09)
Avg. price per sq. ft. (Solds): $66.31 (Up $2 per sq. ft. from Oct. '10, Down 15% from Nov. '09)
Avg. Days on Market (Solds): 81(Down 30 days from Oct. '10, Down 3 days, 4% from Nov. '09)
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