In an ongoing effort to post consistent and timely real estate market updates, here below is a Concise Market Snapshot from The Cromford Report, and my own short commentary afterward. This snapshot has been re-posted with permission by The Cromford Report.
“Down” isn’t always bad, but it isn’t always good either.
The total number of active listings for sale in the Phoenix metropolitan area is down by about 5% from last month. This is good news for home sellers, because it reduces the amount of competition, but it’s also typical for the winter/holiday season. The total number of listings pending sale (AKA under contract) is also down. This is…well…not great news. With sales as strong as they were in December (8,000+), though, I’m not surprised that January’s and February’s sales are expected to be slightly lower. Real estate demand often ebbs and flows.
Silver lining, please.
While the average sales price of homes across the Greater Phoenix Area hasn’t seemed to make the definitive turn up yet (read: still bumping along the bottom), I am encouraged by the fact that the listing success rate has been on a steady incline for the last two years or slightly more. Sellers may not be garnering the same high prices they did in 2006, but the majority of sellers are at least successful in their sale. In January of 2009, only 34.8% of home sellers could say the same.
**If you would like a chart, similar to the one above, prepared for your own city or zip code within the Greater Phoenix Area, just post a comment below, send us an email, or, gasp, give us a call! Either way, we would love to hear from you.**