Phoenix Real Estate Market at a Glance – March median price ($139,000) is 20% above last August ($116,050)

See the interactive graphs HERE.

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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
April 2012.

Phoenix Home Sales

Phoenix home sales (blue line) in March 2012 (7,387 homes sold) was the lowest number of sales in March since 2009 but I think that is because the inventory of Phoenix homes listed for sale is so small, it’s affecting sales.

Phoenix Housing Inventory

The number of homes listed for sale in metro Phoenix (red line) in April 2012 was 17,725, which was the lowest inventory of single family homes listed for sale in metro Phoenix since September 2005.

A huge difference, however, between September 2005 and April 2012 is that in September 2005 the inventory of homes listed for sale in metro Phoenix was skyrocketing upward while today in April 2012 the inventory is continuing to fall quickly.

Phoenix New Listings

The number of new listings hitting the Phoenix MLS in March was only 9,492. The last time the number of new listings was that low in a March may have been in the 1990s.

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, $1,500 in February and $9,000 in March to $139,000.

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).