Phoenix Real Estate Market Report for February 2008
Well, February has come to an end, so let's see how the month shaped up. (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 February 2008:
Number of New Listings: 13,559 (Down 3,087 from January)
Number Sold: 3,442 (Up 540 from January)
Average Days on Market: 136 (Up 6 days from January)
Average Listing Price: $316,285 (Down $14,196 from January)
Average Selling Price: $308,328 (Down $9,006 from January)
% Difference Between List Price & Selling Price: 94.7% (Mostly unchanged from January)
Well, the good news is there were less new listings on the market...less inventory, quicker turnaround time for those already on the market. Also good to see is 540 more homes sold in February vs. January. Listings still out pace solds by nearly 3:1. The average list price has come down another $14,000 and the average sale price difference from January is about $9,000 less. Days on market compared to January is about 1 week longer.
So as we have all been hearing, prices are still coming down and inventory is still high, continuing to make this a buyer's market...but hold on...spring is just around the corner and that's when things definitely start moving. 
As always, thanks for "hanging out" with us.