March saw a signifcant drop off in the number of homes sold in Phoenix. The number of homes on the market is currently 6,749, with a burn rate of a little over 2 months. And there are 5,176 homes in pending status as well. The average sale price is starting to stabilize as well as the bottom of the market seems to be near. There are still some very good deals on the market as noted by the lowest priced homes sold, however, my hunch is that these were extreme fixer uppers. Maybe even tear downs. The luxury end of the market is still feeling the pinch too. All in all March was not a terrible month, but not great either.
Here are the numbers for March 2011:
March '11 February '11 Mar. vs. Feb. Mar. 11 vs. Mar. 10
# of homes Sold 1,116 1,851 (41%) (51%)
Average Sale Price $110,205 $113,792 (3%) (17%)
Average List Price $115,992 $119,428 (3%) (16%)
Sale Price % of List Price 97% 96% 1% (2%)
Avg. Price per Sq. Ft. $60.22 $62.52 (4%) (19%)
Avg. Days on Market for Sales 112 106 6% 19%
Highest Sale Price $1,275,000 $2,350,000 (46%) (56%)
Lowest Sale Price $1,375 $5,350 (74%) (89%)
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