Metro Phoenix Real Estate Sales Stats

Our Greater Phoenix MLS has started to put out some well executed statistics.  I must say that the overview is very comprehensive and extensive: enough to give readers a good understanding of what's happening.  Let's take a look at a few sections.

"New residential inventory declined from 13,871 in April to 11,717 new listings in May. The reduction in new listings added to the market since March represents is a healthy decline. Such a pattern affects the supply and demand ratio, which directly influences pricing. The downward trend may stay on course, or perhaps be affected by Sellers who will take advantage of the summer selling season to test the market."

I hope too many people don't 'test the market' as those activities tend to only increase inventory, but leave many sellers disappointed.  You simply can't overprice and expect some gullible person to bite.

"Impending Foreclosures for Maricopa County for all property classes (residential, land and commercial) was 45,898 at the end of May. This represents a steady, yet slight downward trend since March. While the downward trend for the last three months is a good sign, it should be noted that the overall number of impending foreclosures is higher than at any time the previous year."

Foreclosures are a problem.  They are a smaller part of the market which has been taken up by short sale, but none the less their influence on pricing is great.

"The Valley housing recovery at present seems content to move at its own deliberate pace, with its monthly gains and setbacks. While a monthly glimpse keeps our eye on the pulse of the recovery, longer term trends speak a more reliable truth. Speculation continues on the effects SB-1070 might have on the housing market. If many homeowners, regardless of nationality and immigration status, decide to sell or abandon homes in expectation of negative economic and social impact of this new law, the tenuous recovery could be undermined."

I wonder if SB-1070 will have an impact on sale: it does have an affect on C class multifamily housing.

"Signs are apparent that the Valley real estate is gaining ground in its recovery struggle. The decline in new inventory being added to the market hints that Sellers who are not serious are remaining on the sidelines."

I disagree, partially:  I see a lot of over priced listings, especially in the $300+ prices.  Those seller's can be serious.

"Most notable is the much lowered percentage of lender owned sales relative to total sales, coupled with the decline in impending foreclosures. The proliferation of foreclosure sales wreaks havoc upon pricing. Thus, a slowing of impending foreclosures which feed the total number of lender owned sales is a trend that signals a future recovery."

 Quoted remarks © 2010 ARMLS

View the full ARMLS report. Will open in PDF.