[See all posts with title “Phoenix Real Estate Market at a Glance.”]
NOTE: If you stumble upon this post in the future please keep in mind that even though the chart may be up-to-date that the text here was written in May 2012.
Phoenix Home Sales
Phoenix home sales (blue line) in April 2012 (7,025 homes sold) was the lowest number of sales for an April since 2008.
Demand is high but supply is low. Therefore, we’re seeing the high demand expressed as rapidly increasing Phoenix home prices (instead of as more homes sold).
Phoenix Housing Inventory
The number of homes listed for sale in metro Phoenix (red line) in May 2012 was 17,117, which was the lowest inventory of single family homes listed for sale in metro Phoenix for any month since September 2005.
Phoenix New Listings
The number of new listings hitting the Phoenix MLS in March was only 9,176. The last time the number of new listings hitting the market in an April was that low was probably in the 1990s.
Phoenix Home Prices
The Phoenix median home price (green line) increased $4,900 in November, $100 in December, $3,500 in January, $1,500 in February, $9,000 in March, and $8,000 in April to $147,000.
“I think the median Phoenix home price could quickly pop up to $144,000+ again. If not in the second half of this year, then certainly in the first half of 2012.”
– John Wake, Arizona Real Estate Notebook, August 11, 2011