ARMLS Quarterly report on Phoenix home prices and days on market.
For the most part, Phoenix area home prices and market activity for homes under $500,000 in quarter 4 was bascially flat compared to quarter 3. The average homes sold, active listings and days on market were essentially flat when compared to the prior quarter. However, activity does show improvement on homes between $500,000 and $1,000,000. There was about an 18% jump in the number sold Phoenix area homes in the fourth quarter and around a 10% bump in actively listed homes for sale. In addition, days on market for homes between $500k and $750K fell by 29 days, to an average of 99 days on market; marking 5.53 months of inventory in that price point at the current level. As the market continues to improve, it appears the move-up buyers in Phoenix may be coming back into the market. As the lower priced homes continue to sell and fewer people are under water, we hope to see the return of the move up buyer. Based on these numbers, it appears that maybe this is starting to happen.