Phoenix Metro Real Estate Market Report for April 2008
Well another month has passed, so let's take a look at how the numbers shaped up for April 2008. (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 April 2008:
Number of New Listings: 13,829 (Down 191 from March)
Number Sold: 4,875 (Up 580 from March)
Number Pending: 6,943 (Up 2,075 from March)
Average Days on Market: 135 (Down 9 days from March)
Average Listing Price: $309,154 (Down $9,417)
Average Selling Price: $279,027 (Down $25,936)
% Difference Between List Price & Selling Price: 94.8% (Unchanged from March)
Well, nice to see that there were 191 fewer listings brought to the market than in March, as we've got to get this inventory down. Listings continue to out pace solds by over 3:1. Also of interest is the number of "Pending" sales...if these all close in May, it will prove to be a very interesting month (this is the highest seen by agents in 2 years). The average list price has come down by just over $9,400, but this month's shocker is the average sale price, which is down nearly $26,000. Typically at this time of year, these are the folks who have been on the market since last fall and by the time spring comes, they are ready to do whatever it takes to "move that house", so it's not uncommon to see such large price deductions between list price and sale price (at least in a buyer's market). Days on market compared to March is about 1 week less.
And what about the overall inventory for April 2008 (the following does not include town homes, patio homes, and condos):
Total Market Supply: 11 1/4 months of inventory
Best Markets: SE Valley at 8 3/4 months supply and then West Valley at 11 months supply
Luxury Markets: 31 month supply
So we can see there has been a definite increase in activity since March 2008....although the luxury market supply is still quite high at 31 months (luxury is based on homes of $750,000 and up), but overall inventory is decreasing...and that's a good thing!
The good news is that things are turning around and May proves to look very interesting. Buyers are getting back in the game and prices are starting to stabilize. 
As always, thanks for "hanging out" with us.