Phoenix Metro Real Estate Market Report for May 2008
It's hard to believe that another month has passed, but it's time to take a look at the numbers for May 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 May 2008:
Number of New Listings: 13,082 (Down 747 from April)
Number Sold: 5,605 (Up 730 from April)
Number Pending: 7,184 (Up 241 from April)
Average Days on Market: 141 (Up 6 days from April)
Average Listing Price: $302,296 (Down $6,868 from April)
Average Selling Price: $313,268 (Up $34,241 from April)
% Difference Between List Price & Selling Price: 95.3% (Little change from April)
Well, if you haven't heard yet...people are starting to ask if we are finally reaching the bottom of this market. Personally, we're still in the "time will tell" mode on this one. But you can see that listings are down by 747 from the previous month, which is a good thing, as we need less inventory than is currently on the market. Listings as compared to solds are now at about 2.5:1, so that's also an improvement. The number of pendings continues to be of interest, as we are seeing highs that we haven't seen in a couple of years.
The average list price is down again compared to April by nearly $7,000, but what is surprising is that the sale price compared to list price is UP by just over $34,000...something else we haven't seen for a very long time. Days on market compared to April is about 1 week longer.
Inventories in the Valley continue to shrink and as we first stated, many think that April or May may have very well marked the bottom of the market here in the Phoenix area.
We are definitely watching closely, as prices do continue to fall, but not at the rates they were and there has definitely been a substantial increase in activity. Even agents who have been sitting on short sales and bank owned properties with no offers for months are finding themselves with multiple offers over the past 6 weeks, so things in the market are definitely changing.
The continued good news is that the market is still picking up...buyers are in the game and prices in some areas are not only stabilizing, but increasing. 
As always, thanks for "hanging out" with us.