The once hot Phoenix Real Estate market continues its current trend of sluggish sales. It appears that the number of active listings may have finally leveled off, but we are still only selling 10% of all current listings each month. However each month we add all 10% of those sold listings back onto the active market with new listings. In other words, we are never getting ahead.
The one piece of good news is that we have seemed to level around off at around 53,500 active listings. From early March through the end of May, our active listings increased from 47,000 to 53,000. Since then, we've stayed in the 53,000 to 54,000 range. Hopefully soon we will see the number of active listings begin to decrease and the number of sold properties increase. Below is a quick snapshot of the Phoenix Area Active listings data:
| Active - 54154 Properties Found | |||||||
Square Feet | Bedrooms | Baths | List Price | Sale Price | Agent DOM | Cumulative DOM | |
| Min | 0 | 0 | -1 | $ 9,650 | $0 | 0 | 0 |
| Avg | 2143 | 3 | 2.37 | $ 442,846 | $0 | 101 | 116 |
| Max | 52000 | 42 | 65 | $ 29,000,000 | $0 | 1150 | 1250 |
With all of that being said, prices continue to decline. This is truly a buyers market and is a correct from the boom sellers market we experienced in 2005. It will be intersting to see what the future will bring, but as with all real estate trends, we eventually will pull through this and will restore some sort of real estate santity.
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