Phoenix Metro Real Estate Market Report for June 2008
Well summer is in full swing and it's pushing over 110 on a regular basis now 
...so that must mean we're well into July and it's time to take a look at the numbers for June 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 June 2008:
Number of New Listings: 13,495 (Up 413 from May)
Number Sold: 5,695 (Up 90 from May)
Number Pending: 7,216 (Up 32 from May)
Average Days on Market: 136 (Down 5 days from May)
Average Listing Price: $286,722 (Down $15,574 from May)
Average Selling Price: $297,761 (Down $15,507 from May)
% Difference Between List Price & Selling Price: 95.5% (Almost no change from May)
Well, while things are not just booming, the market is steadily moving along. Unfortunately, listings are back up again, and at this writing we still have over 52,000 homes on the market (single family, condos, town homes, and patio homes)...so there is still plenty to choose from. Listings as compared to solds are still around 2.5:1. The number of pendings continues to be higher, but we had nearly as many in May and as you can see, 1,579 of those "pendings" never ended up closing in May (hopefully many of those are 45 day closings and not just that they "fell out" of escrow). Perhaps we'll fair better in June.
The average list price is down again compared to May by $15,500, and there appears to be another "correction" in the market with the average sales price also being down by just over $15,500. What is interesting to note, is that of the 87 areas in ARMLS, 39 of these areas closed out June with a higher sales to list price ratio (so that's a more encouraging sign). Days on market compared to May is just under 1 week less.
We continue to monitor the market closely, as prices are continuing to fall, still not at the rates they were several months ago and activity in the market is still brisk.
We certainly encourage buyers to get in the game, as lending standards will be tightening again by fall...but we'll write about that in another post. 
As always, thanks for "hanging out" with us.