Phoenix Metro Real Estate Market Report for October 2008
Winter is upon us, so it’s time to take a look at the numbers for October 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 October 2008:
PHOENIX
Number of Active Listings: 50,641 (Down 4,258 from September)
Number Sold: 5,374 (Down 813 from September)
Number Pending: 5,273 (Down 546 from September)
Average Days on Market: 103 (Unchanged from September)
Average Listing Price: $221,556 (Down $3,631 from September)
Average Selling Price: $212,400 (Down $6,965 from September)
% Difference Between List Price & Selling Price: 95.9% (Down 1.5% from September)
SCOTTSDALE
Number of Active Listings: 5,979 (Up 83 from September)
Number Sold: 336 (Up 4 from September)
Number Pending: 301 (Down 16 from September)
Average Days on Market: 135 (Up 2 from September)
Average Listing Price: $914,325 (Up $7,971 from September)
Average Selling Price: $490,298 (Down $45,496 from September)
The good news this month is that those multiple offers on foreclosures and short sales continue to come in and a large percentage of homes that are selling fall under this umbrella. Also positive, is that active listings are back down by 4,258. Listings as compared to solds are still at 2:1. The number of pendings was down 546 from September, which is another sign that fall/winter has arrived and it will be a slower November. The markets continue to be on a roller coaster ride, which has a lot of buyers frozen and unwilling to make a move until after the first of the year.
The average list price is down compared to September by another $3,600, with the average sales price being down just shy of $7,000. No one is quite sure where the bottom is, although every month we keep hearing that we are finally there. Days on market compared to September remained unchanged at 103.
We continue to hear from long-term real estate veterans that they have never seen a market like this one, so naturally all parties involved continue to err on the side of caution and we certainly can’t blame them.
We are regularly asked if one should buy right now and our advice remains the same…contrary to media reports, financing is available if you have good credit, documented income, and some cash to put down (and even then we have $0 down financing available). If you are looking to purchase a home because you just want a place to call your own, and you plan to stay at least 6 years, then it is still a great time to buy. Prices will continue to drop, but not like we’ve seen over the past year.
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.