Weekly Phoenix Real Estate Market Report for December 14, 2007
Well it's Friday, so that means it's time for Flippin Fridays where we talk about what flipped (and what didn't) in the Phoenix metropolitan area over the past week. (Note: The following data has been pulled from the Arizona Regional Multiple Listing Service and is deemed reliable, but not guaranteed. Numbers are for the entire ARMLS area).
Total Homes on Market: 53,991 (includes single family detached homes, patio homes, condos, and town homes)
Total Sold: 670 (12/8/07 - 12/14/07) - Up 122 from previous week
Average Days on Market: 130 - Unchanged from previous week
Average List Price: $340,132
Average Sale Price: $321,559
Average List Price/Sale Price Ratio: 94.2% - Down 1.3% from previous week
New Listings: 2,347 - Down 467 from previous week
Back on Market: 369 - Down 39 from last week (though 193 were from sales that flipped out of escrow)
Pending or Active w/Contingency: 1,002 - Nearly unchanged from last week
Temporarily Off Market: 304 - Down 54 from last week
Expired: 861 - Down 971 from last week
Canceled: 1,122 - Down 61 last week
PRICE CHANGES: 3,835 - Down 306 from last week, but still nearly double two week's ago
As is typical for this time of year, there aren't a lot of changes, though sales were up by 122 from last week, so that's encouraging.
The List Price to Sales Price ratio dropped by 1.3%, which means were having more trouble getting those homes priced correctly.
Listings compared to number sold remains at 3 to 1.
The "back on market" numbers are notable in the fact that of those 369 - 193 were due to sales that "flipped"...fell out of escrow. So over half of those with contracts are now starting over (and that was just in the past week...not the past month).
Price changes continue downward with decreases on average of 3% - 5%. Buyers are looking good going into the new year. 
Things continue to remain interesting, but there are still people buying and selling...contrary to the what the media says. And a condo very close to us just sold the other day after being on the market for only ONE day and it was listed at $100,000 higher than the cheapest unit there for sale. Now...it did have $60,000 in designer upgrades and was being sold as "turn key" (ready to move in...towels included)...but it just goes to show that if you've got what they want...it can sell quickly and at a price you like. 
As always, thanks for "hanging out" with us.
Chat with you tomorrow!