Here is the market update through the end of July 2011 for the Phoenix Valley, with graphs detailing Scottsdale, Cave Creek, Desert Ridge/Tatum Corridor and Paradise Valley. Please note that the Valley Wide graph represents all of the MLS. The table below just represents recording for new and re-sales for Maricopa County.
August 16th we sit at 19,689 listings for both single family and condos in the Arizona Regional Multiple Listing Service. We currently sit at 3.06 months of supply. If you take out the AWC contracts which The Cromford Report puts into Active listings, we are at a 2.2 months of supply. The total absorption rate was 33%. Traditionally a balanced market has been considered 3-4 months of supply. If you can believe it, we are now again in a seller's market!
Short sales represent 22% of the closings in July compared to June at 24%, and 39% of the active listings for a 5.4 months of supply. The total for distressed properties is 66% of the sales for the last month; this is down 2.0% from the previous month. The listing success rate has risen up to 74.5% and for Short Sales is at 60.8%. Short sales are getting easier to close now!
Median Price Reality Check: July 2011 Median price sold in Maricopa County was $120,000. July 2006 median price was $265,000! July of 2000 was $136,000.
The high end market has recovered slightly. 72 properties over $1.0 million sold for the month of July in the whole of MLS. This is 14.4 months of supply. Listings dropped by 33 units
Months of Supply by area are as follows:
Cave Creek - 3.8 Months Supply of Homes
Scottsdale - 4.6 Months Supply of Homes
Desert Ridge and Tatum Corridor - 2.6 Months Supply of Homes
Paradise Valley - 7.2 Months Supply
Luxury $1,000,000+ 14.4