Phoenix Metro Real Estate Market Report for September 2008
Phoenix/Scottsdale Monthly Real Estate Sales
October is here and while last month we were thinking fall had finally come it’s proven to be a bit on the warmer side for the first couple weeks of the month. As we write, temperatures are bordering 100 and will be over 100 tomorrow. But we’re sure fall will eventually reach us here in Phoenix, Arizona.
With another month coming and going, it’s time to take a look at the numbers for September 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 and include single family homes, patio homes, condos and town homes).
Here’s how it looked for September 2008:
Number of Active Listings: 54,899 (Up 841 from August)
Number Sold: 6,187 (Up 468 from August)
Number Pending: 5,819 (Down 204 from August)
Average Days on Market: 103 (Down 10 days from August)
Average Listing Price: $225,187 (Down $21,863 from August)
Average Selling Price: $219,365 (Down $18,478 from August)
% Difference Between List Price & Selling Price: 97.4% (Just over a 1% change from August)
Since summer is now behind us, things are starting to pick up again. We do continue to see multiple offers on foreclosures and short sales. Unfortunately, active listings are up again and remain high at nearly 55,000. Listings as compared to solds are around 2:1. The number of pendings was down another 204 from August, which shows us that it could be a slower October. Obviously with the “bailout” and all the financial stress hitting the markets the last two weeks of September, this is not surprising news. Typically this kind of news puts people on “hold” until they can get a better understanding of what’s coming.
The average list price is down again compared to August by another whopping $21,000, with the average sales price being down just over $18,000. We keep hearing that we have hit bottom and that prices are beginning to even out where they were back in 2003, but that remains to be seen. The one good side is that days on market compared to August was down another 10 days, now at 103!
It continues to be a very unusual time here in the Phoenix/Scottsdale metro area. We have NEVER had a time where we had increasing sales with decreasing home values. But then again, these are anything but “normal” times.
We continue our mantra of encouraging buyers to get in the game. The good ‘ol “buy low, sell high” is still true even in this market. Yes, it will take longer to accumulate strong equity in your home, but if you plan on living there for 6 or years or more, you should definitely have some decent equity built up . And as we keep stressing in all of our writings, lending will continue to get tighter (in spite of the bailout), so even though everyone keeps waiting for home prices to drop, it’s not going to matter much if you can’t qualify for the loan!
If you would like more information on the Phoenix MLS or the market in general, please visit our HouseHangout website.
As always, thanks for “hanging out” with us.