Average days on market of sold homes in the Phoenix area MLS increased by 11 days to 111 days in January 2007.
I expect the increases to increase at a slower rate starting in February.
I’m not as concerned about the increase as I might be but in the last two days of searching for a home with a client, I found inventory falling and pending (under contract) homes up sharply.
In one Scottsdale golf subdivision, I found zero (0) closings of SFR in September through November 2006… zero. However, so far this February there have been 3 closings. That’s a change! I should add that nothing is pending in that subdivision right now but you get the idea.
Of course the areas I was searching in might not be indicative of the larger market… but they might be.
My thanks to Lois Folk for reminding me to update this post.