Phoenix Metro Real Estate Market Report for November 2008
It’s hard to believe that we’re finally at the end of 2008, so that means it’s time to look at the numbers from November. (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 November 2008:
PHOENIX
Number of Active Listings: 49,607 (Down 1,034 from October)
Number Sold: 4,409 (Down 965 from October)
Average Listing Price: $214,964 (Down $6,592 from October)
Average Selling Price: $204,535 (Down $7,865 from October)
% Difference Between List Price & Selling Price: 95.5% (Down .4% from October)
Average Days on Market: 111 (Up 8 Days from October)
Number Pending: 4,694 (Down 579 from October)
SCOTTSDALE
Number of Active Listings: 6,919 (Up 940 from October)
Number Sold: 258 (Down 78 from October)
Average Listing Price: $909,532 (Down $4,793 from October)
Average Selling Price: $522,730 (Up $32,432 from October)
Average Days on Market: 146 (Up 11 from October)
Number Pending: 275 (Down 26 from October)
Number of New Listings: 1,070 (Down 221 October)
As we reported last month, short sales and foreclosures continue to drive the market, nearly at 50% of all sales for November. Listings are down slightly by just over 1,000, but that will change next month. Listings as compared to solds are nearly 3:1. The number of homes pending is down 579 from October, but is still a small change month over month. As with last month, the markets continue to fluctuate widely and to date, everyone is still waiting on the new administration to see what will happen with mortgage rates and a free up in the credit markets.
The average list price is down compared to October by nearly $6,600, with the average sales price being down by just over $7,800. In Scottsdale, the average sales price is up by just over $32,000, but remember it takes just a few of those higher end homes selling to make those numbers inflate. Days on market compared to October increased by just over one week (up 8 days), to 111 days total.
The mantra continues to be the same in the real estate and financial service sectors and unfortunately we can pretty much expect the same throughout 2009. Early next month we’ll send out an update to cover where folks think we are heading for the year.As always, thanks for “hanging out” with us.
We continue to stress though, that if you are in a place to buy, it continues to look good. Again, 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 a lender who has $0 Down/No Closing Cost loans available with a minimum credit score of 600).
If you would like more information on the Phoenix/Scottsdale MLS or the market in general, please visit our HouseHangout website.
As always, thanks for “hanging out” with us!