Weekly Phoenix Real Estate Market Report for December 28, 2007
Welcome to "Flippin Fridays" where we discuss what flipped (and what didn't) 
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. These numbers encompass the entire ARMLS listing area).
Total Homes on Market: 52,798 (includes single family detached homes, patio homes, condos, and town homes)
Total Sold: 609 (12/22/07 - 12/28/07)
Average Days on Market: 126
Average List Price: $326,615
Average Sales Price: $309,419
Average List Price/Sale Price Ratio: 94.5%
New Listings: 1.239
Back on Market: 253
Pending or Active w/Contingency: 629
Temporarily Off Market: 197
Expired: 755
Canceled: 651
PRICE CHANGES: 2,037
Well obviously not a lot of change over the last few weeks, but activity will definitely pick up at the start of the year....especially for all those sellers that decided to take their home off the market until the second or third week of January. And certainly with so many events coming up in January (i.e. the Super Bowl, Barrett Jackson car show, and the FBR Open)...there will be plenty of visitors in town looking for properties...especially second homes.
Prices continue to decline 3% - 5% every month...so buyers still have plenty of reason to "go shopping" for a new home in 2008.
Mortgage rates continue at two year lows which only adds to buyer "perks."
Now for the overall inventory (The numbers below are based on single family dwellings only - 46,234 (does NOT include patio homes, condos, and town homes):
The 46,234 number is the lowest number of single family homes on the market since August - good news!!!!
Total Market Supply: 16 1/2 months of inventory
Best Markets: SE Valley at 12 1/2 months supply and then Scottsdale under $1M at 14 3/4 months supply
Luxury Markets: 32 1/4 months supply
Listing Inventories: Entire MLS (Maricopa and Northern Pinal county), listing inventories were unchanged from last week
200s area (Central Phoenix): Listing inventories are unchanged from last week, total of 6,596 active listings - About an 18 month supply
300s area (West Valley): Listing inventories are unchanged from last week, total of 15,445 active listings - About an 17 3/4 month supply
400s area (NE Valley): Listing inventories are unchanged from last week, total of 7,241 active listings - About an 18 month supply
500s area (SE Valley): Listing inventories are down 1% from last week, total of 11,602 active listings - About a 12 1/2 month supply
Scottsdale Over $1M: Listings inventories are up 1% from last week
Total Active Listings: 1,484 - About a 32 1/4 month supply
Scottsdale Under $1M: Listing inventories are up 1% from last week
Total Active Listings: 2,471 - About a 14 3/4 month supply
Paradise Valley: Listing inventories are up 2% from last week
Total Active Listings: 361 - About a 21 1/4 month supply
As with the other numbers, not a lot of change over the past few weeks, but it's nice to see the lowest SFD inventory on record since August. The only depressing part is in the luxury market which continues upward and is now at a 32 1/4 month supply (luxury is based on homes of $750,000 and up).
Well...2007 is almost behind us and we'll see how 2008 will kick off. 
As always, thanks for "hanging out" with us.
Chat with you next week!