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Data from Arizona Regional Multiple Listing Service (ARMLS). Compilation and chart provided by Sandra DiCosmo (the best!) with First American Title, Price/Warner Branch in Tempe, AZ.
(As noted, "Southeast Valley" data includes Ahwatukee, Apache Junction, Chandler, Gilbert, Guadalupe, Mesa, Queen Creek, Sun Lakes, and Tempe.)
If you're not inclined to do the math yourself: 19,644 active listings / 1,515 recent sales = 12.96 month supply…. that's a frightening number.
[tags]Phoenix real estate listings stats, Southeast Valley[/tags]
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13 months of inventory?! That IS rough. We are hovering around the 9-10 month mark here in Central VA.
Wow! That is nuts. It’s like a small city for sale.
Jay, Phoenix must have a brutal sales to listing ratio but I’m curious about the average selling time for those that are drawing offers.
Daniel – it’s rough, trust me…
Norm – for the Phoenix Metro area in the same time frame as above (8/12/07 – 9/12/07) average days on market for homes sold was 114 days.
Of course that means for every home that sold in 1 day, another sold in 228 days…
For the 211 listings that sold at a price of $300 – $325K, days on market ranged from 3 to 541. And just about everything in between.
I agree Jay, a 12 month inventory is rough. I’m waiting for the day when inventory comes back down to a 6 month, or even more healthy 3 month supply. As crazy as it sounds though, I prefer this market to when you would have to write 15 contracts for your buyers just to get 1 accepted. Go figure.
It’s rough up here in the White Mountains as well, but I believe it will come back, I just hope it’s sooner than later. I’m hungry!
Doesn’t look like things were very active this time last year. Any chance of getting an update to see where we stand now?
I’d hope some of the inventory has cleared up and would love to see a decline!
Curious about the sales too – where would I find some of this information?