[See a list of Phoenix Real Estate Market at a Glance posts.]
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 March 2012.
Phoenix Home Sales
Phoenix home sales (blue line) in February 2012 (6,010 homes sold) were the second highest in any February since 2000. Only February 2005 — the height of the real estate mania — had more sales than February 2012.
Phoenix Housing Inventory
The number of homes listed for sale in metro Phoenix (red line) in March 2012 was 19,169, which was the lowest inventory of single family homes listed for sale in metro Phoenix since October 2005.
A huge difference, however, between October 2005 and March 2012 is that in October 2005 the inventory of homes listed for sale in metro Phoenix was absolutely skyrocketing upward while today in March 2012 the inventory is continuing to fall quickly as it has for over a year now.
Phoenix New Listings
New listings hitting the MLS in February were 8,884 which is way below previous Februarys and continues the decline we’ve seen over the last 6 years.
At current low prices, Mr. and Mrs. Homeowner are not enthusiastic about selling their home so the sharp decline we’ve seen in new bank-owned listings is not being replaced by larger numbers of new Mr. and Mrs. Homeowner listings.
Phoenix Home Prices
The Phoenix median home price (green line) increased $4,900 in November, $100 in December, $3,500 in January and $1,500 in February to $130,000. This is a very strong beginning to the high season, January – June.
Most impressively, the recent Phoenix median home price increases happened without the temporary $8,000 tax credit which drove the price increase in 2009 (and led to the price declines in 2010).