Phoenix Home Sales
Factoid: Twice as many homes sold (blue line) in metro Phoenix in January 2012 (5,425) as in January 2008 (2,707).
Phoenix Housing Inventory
The number of homes listed for sale in metro Phoenix (red line) was 20,159 in February, up slightly from January.
New listings hitting the MLS (not shown on graph) in January were 9,833 which is way below previous Januarys – January 2011 (12,290), January 2010 (13,148), January 2009 (13,756), January 2008 (15,903), January 2007 (15,857), January 2006 (16,155), and January 2005 (10,549). At current prices, significantly fewer homeowners are putting their Phoenix homes up for sale which is one reason why the inventory of homes listed for sale in metro Phoenix has plunged.
Phoenix Home Prices
The Phoenix median home price (green line) increased $4,900 in November, $100 in December and $3,500 in January to $128,500. This is a very strong beginning to the high season which starts in January and starts to show up in closings in February. 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).
NOTE: This post was written in February 2012. 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 February 2012. Hey, it’ll be easy and fun for you to see how far off I was in my view of the Phoenix real estate market. See other Phoenix Real Estate Market at a Glance posts.)