Phoenix Real Estate Market Update - April 2012
The Phoenix real estate market is changing rapidly. The number
of Phoenix and Scottsdale homes for sale is decreasing steadily. As
inventory dries up, the prices are slowly rising.
Total active listings have dropped by 1532 units over the last month. As of April 18th, we have 13,619 active homes for sale on the Phoenix mls. Sales are at 8748 for the last 30 days (as of April 18th), up by 901 units from one month ago. We are currently sitting at a 1.6 months of supply. Pending sales are down slightly from the month before as of April 18th, 12,663 vs one month ago at 12,694 . Traditionally, 3-4 months of supply indicate a balanced market. It is officially a Seller's market in Phoenix and Scottsdale.
Short Sales represent 25% of the Closings for the last month. There is only 0.5 months of supply for short sales currently active on the market. Distressed Sales (Short Sales and REOs combined) accounted for 45% of the total sales for in the last month. REO property sales equal to 20% of the sales for the last month.
Closings: There were 9587 closings in March 2012 vs. 7293 closings in February 2012. This is a 31% increase. There were 9212 closings last year in March . This is a 4% increase.
The median sold price for Maricopa County for March 2012 was $139,000. This is a huge 7% surge over February 2012 in a single month.
Despite the increasing prices, it is still the time to buy. The median sales price of a home in Phoenix today is still almost half of what it was in March 2007. In March 2007, the Median Sold Price was $261,000, compared to $139,000 in March 2012.