Househangout's December 2007 Phoenix Real Estate Market Report
Welcome to "Flippin Fridays" where we discuss what flipped (and what didn't) 
over the past week.
Since we're now into January, we'll start off the new year by taking a quick review of how December shaped up for the month. (Note: This 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).
Here's how it looked for December 2007:
Number of New Listings: 9,337 (Down 2,444 from November)
Number Sold: 3,412 (Down 208)
Average Days on Market: 141 (Up 11 Days)
Average Listing Price: $336,247 (Down $11,191)
Average Selling Price: $319,063 (Up $5,695)
% Difference Between List Price & Selling Price: 95.13% (Nearly Unchanged)
As you can see there was not a drastic change from November...other than the fact that new listings continued to decline (which is always expected at holiday time). Listings still outpaced solds by nearly 3:1. The average list price came down by just over $11,000, though the average sales price was up by nearly $5,700. Days on market were up by 11.
Well, it will be interesting to see how the new year kicks off. They are still predicting that 2008 will be much like 2007 with price declines of anywhere from 15% - 30%. It's hard to say really, but regardless of what the media says, rates are at 30 year lows and it truly is a great time for buyers...actually the best it's been in years. For sellers, yes you'll take a haircut, but when you go to buy you'll get the same great discounts that everyone is finding. 
As always, thanks for "hanging out" with us.
Chat with you on Monday!