Phoenix Arizona Market Statistics

Market Breakout Statistics

Sources: Arizona Regional Multiple Listing Services

Overall Market. There were 5,434 closings in the month of December, an increase of 27.9% over the previous month. With 51,573 active listings currently on the market, this gives us an absorption or market supply of approximately 9.5-months of supply at the current rate of absorption.

Phoenix. There were 1,477 closings in the month of December, an increase of 39.7% over the previous month. With 13,365 active listings currently on the market, this gives us approximately 0-months of supply at the current rate of absorption.

West Valley. There were 1,511 closings in the month of December, an increase of 22.9% over the previous month. With 12,172 active listings currently on the market, this gives us approximately 8.1-months of supply at the current rate of absorption.

NE Valley. There were 424 closings in the month of December, an increase of 33.3% over the previous month. With 7,822 active listings currently on the market, this gives us approximately 18.4-months of supply at the current rate of absorption.

SE Valley. There were 1,468 closings in the month of December, an increase of 22.7% over the previous month. With 11,598 active listings currently on the market, this gives us approximately 7.9-months of supply at the current rate of absorption.

Scottsdale over $1m. There were 30 closings in the month of December, an increase 30.4% over the previous month. With 1,555 active listings currently on the market, this gives us approximately 51.8-months of supply at the current rate of absorption.

Scottsdale under $1m. There were 298 closings in the month of December, an increase of 29.6% over the previous month. With 4,189 active listings currently on the market, this gives us approximately 14.1-months of supply at the current rate of absorption.

Paradise Valley. There were 4 closings in the month of December, a decrease of 66.7% over the previous month. With 87 active listings currently on the market, this gives us approximately 21.8 months of supply at the current rate of absorption.

The comparisons of current active listings are based on the current inventory as of December 31, 2008. The absorption calculation is based on dividing the number of active listings by the number of property sold over a one month period. This data includes Single Family Detached homes, patio homes, condos, and town homes.

Phoenix is searched as a single entity. The West Valley is Surprise, Peoria, Sun City, Glendale, El Mirage, Youngtown, Litchfield Park, Avondale, Goodyear, Buckeye, and Tolleson. NE Valley is Scottsdale, Paradise Valley, Fountain Hills, Cave Creek, and Carefree. SE Valley is Tempe, Mesa, Gilbert, Apache Junction, Queen Creek, and Chandler.

Overall Phoenix Market Statistics

Monthly Report (2008)

The chart below indicates that as the average sold price decreases, the number of days on market is also decreasing. There is a direct correlation between the number of days a home will sit on the market and the asking price.

Source: Arizona Regional Multiple Listing Service