Phoenix Metro Area Housing Market Statistics - November 2012
Housing SALES Month over Month
Phoenix area home sales took an 8.4% upward turn in October to 7,020 units. This was welcome news after the disappointing decline (14.5%) in total sales in September. The overall trend line since March has be downward, but the average change per month since January is only 0.2%.
Home SALES Year over Year
Home sales in October (7,020) were 7.2% lower than the October 2011 figure. Lower sales figures are tied to lower inventory levels, which a year ago were 16.7% higher. Lack of inventory, particularly in the lower more affordable ranges, is the current market challenge.
NEW Housing INVENTORY
New listings added to the market in October rose 10.3% to 9,821. Overall, the new listing trend line has been relatively flat since January. The October figure is only 1.7% above the same figure a year ago.
Total inventory, which has been trending downward since October 2007, when the inventory hit an all time high of 58,178, dropped to a 68 month low in June of this year (19,857). Since June the total inventory figure has seen small incremental movement, averaging a 3.48% monthly gain. This month the total inventory metric came in slightly lower at 22,702, compared to 22,862 in September.
MONTHS SUPPLY OF INVENTORY (MSI)
MSI in October landed at 3.23, down slightly from September's 3.53. At this level, the market is still regarded as a Seller's market. MSI as presented in STAT, is seen as a barometer of overall market health, and is not intended to be used to assess MSI in small market niches. Further, MSI varies greatly from the lower end of the pricing spectrum to the higher end.
NEW LIST PRICES
Both new list price metrics continued the upward trend lines begun in December 2011. The median list price rose to $174,900, from $140,000 at the start of 2012. In fact, the market had not seen a median list price of $174,900 since October 2008, when the median list price was in its initial stages of crash-ing. October's average list of $264,917 increased from $243,152 in January 2012. The Valley has not seen an average list price in the $264,917 range since the February/March period of 2009, when list prices were on their way down.
Following the path of new list pricing, both sales price metrics continued on their upward trend lines in October. The median price stayed level compared to September, at $150,000 for both months. The last time the market saw a median price in the $150,000 range was November 2008. The aver-age sales price landed at $203,867, a level not seen since November/December 2008.
Information courtesy of ARMLS. Read the entire report here.