The Phoenix real estate market continues to show signs of slowing in September. The year over year numbers again showed some sharp drop offs in every category. Homes are starting to stay on the market a bit longer as evidenced by the uptick in days on market for those homes that have sold. 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 9/30/10:
Active Listings: 9,286 (Up 2% from Aug. '10, Up 34% from Sept. '09)
Homes Pending:3,988 (Down 4% from Aug. '10, Down 17% from Sept. '09)
Homes sold in last 30 days: 849 (Down 16% from Aug. '10, Down 58% from Sept. '09)
Burn rate (Inventory on market/by homes sold last 30 days) = 3 months supply
Avg. Sale price (Solds): $117,319 (Up 4% from Aug. '10, Down 9% from Sept. '09)
Avg. price per sq. ft. (Solds): $63.26 (Down $1 per sq. ft. from Aug. '10, Down 13% from Sept. '09)
Avg. Days on Market (Solds): 115 (Up 8 days from Aug. '10, Up 30 days, 35% from Sept. '09)
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