Metro Phoenix housing market has best month in a decade April just might have been the best month for metro Phoenix's housing market in a decade. Foreclosures fell to the lowest level since 2006. Homebuilding continued to rebound. Phoenix kept its spot as one of most affordable big metro areas for ...
More Phoenix homeowners have equity now Fewer metro Phoenix homeowners are underwater now, according to CoreLogic. Approximately 19.5% of the Valley's homeowners owed more than their house is worth as of June 30, down from 21% at the end of this year's first quarter. At the worst of the housing cra ...
Phoenix-area home sales, prices cool in July In Metro Phoenix, both sales and prices dipped in July. Home sales fell 4.5% and the median home sales price inched down to $210,000 compared with June, according to the W.P. Carey School of Business at Arizona State University. The housing market's mode ...
Ariz. homebuilders offering deals New-home prices across metro Phoenix soared too high and too fast in 2012 and 2013 for many buyers to handle, leading to a slump in sales. Home prices have dropped slightly this summer, and builders are trying to lure buyers by offering incentives that include lowe ...
Click Here for All Articles
From Date       To Date

News Article From: 11-21-2008



October ARMLS Reports



Resale Listings 


The listing count reported in the October Arizona Regional Multiple Listing Service (ARMLS)1 Reports, which were released on November 14th, was 55,703—up 1276 listings from the September reports.  The listing quantity declined in April through July, and has now returned to approximately the same level as April 2007.  With the exception of December 2007, the listing count has been fairly flat for the last twelve months.  This current level, however, is substantially above the record level of listings prior to January 2005 which was 30,046 listings in February 2003. 



Resale Sales


ARMLS-reported sales for October dropped almost 13% from the September sales figure with a decrease of 795.  On an annually adjusted basis sales were up 1,932 or about 56% from October 2007.  This is the fifth month that there has been an increase in sales over the same month in the prior year since September 2005.  October’s sales quantity is typically very close to September’s and seems to be following the normal calendar cycle.  In this normal calendar cycle, sales tend to be highest in the summer and then gradually taper off over the next few months before resuming the climb during the first quarter of each year.  The winter months are consistently the lowest in sales. 




<!--[if !vml]--><!--[endif]-->

Our sources of data for these displays are the ARMLS reports.  In these, there are three months, January – March 2005, for which we have not shown listing data because of apparent discrepancies.  Additionally, ARMLS notes that the listing information for March through August 2002 may contain errors, but we have chosen to display this reasonable data above.



Our Assessment of the Resale Market


Supply and demand are interrelated variables in the Real Estate Market.  Currently both of these variables are driving the market.  Up until two years ago, demand was the primary driver.  Then for the past two years supply was the primary driver.  In the last few months demand has also fallen off substantially from what we had considered the norm - a pace similar to 2002 and 2003.


Because of the prolonged over-supply situation, appreciation in resale housing prices has totally disappeared.  The market has now entered a phase where we are seeing an overall price level decline.  A significant price adjustment will be necessary to realign the supply and demand variable.  It is difficult to tell how long that will take.


Copyright® 2008 - This information is compiled and written by Ultimate Information Systems, Inc. Use of this article, in part or in its entirety, is expressly prohibited without written permission.  Click here to request limited rights to reuse this information.



We welcome your comments, just click here.




1 (ARMLS) Arizona Regional Multiple Listing Service empasses most of Maricopa and Pinal Counties.



Note:  This report was prepared utilizing numbers from an adjusted August 2008 report published by ARMLS after the distribution of the August In-Depth Analysis Newsletter.  In all cases the impact of these adjusted numbers  is less than 1%.

Invest With Leonid © 2007
A CompuGor Website