Arizona Multiple listing service published it’s monthly STAT statistical analysis newsletter. It’s a good mix of pure stats and added analysis.
Because I tend to operate in a smaller luxury market in comparison to the entire Phoenix metro area which is massive sometimes the stats of what I’m seeing locally don’t match exactly the trends published which are covering the entire valley. For example there are 30,993 listing active in ARMSL today at an average list price of $287,560 but only 3,264 at an average of $984,949. The zipcodes I mostly work in and around are 85251, 85253, 85254, 85258, 85259, 85260, 85255, 85377, 85262.
Amazingly those 9 zipcodes while only 10.5% of the total listings represent 36.1% of the listing volume ($3,214,874,867 out of $8,913,400,819).
So even though the STAT report may not exactly mirror my area it’s amazing how many of the trends are seen valley wide.
Here are some of the more interesting take aways.
Sales were up 8.1% over the May 2010 figure of 9,077. May’s 9,809 sales is the second highest sales figure since August of 2005.
The downward total inventory trend line, started from a high in November of 45,353, continues in May to 31,661, 8.3% lower than April and the lowest figure in the past 24 months.
Inventory of Homes For Sale Phoenix Metro Area
Foreclosures pending continued its downward trend in May to 30,517. The role played by foreclosures in deflating prices is massive. Declines in foreclosures pending, which make their way to closing as distressed sales, are necessary to reduce the influence of distressed properties on pricing.
