Phoenix Metro Real Estate Market Report for July 2008
It's hard to believe that we are into our last month of the summer...though living in Arizona, this heat will stay with us well into late September. 
Since another month has passed, we'll take a look at the numbers for July 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 July 2008:
Number of Active Listings: 54,769 (Up nearly 2,000 from June)
Number Sold: 6.040 (Up 345 from June)
Number Pending: 7,301 (Up 85 from June)
Average Days on Market: 123 (Down 13 days from June)
Average Listing Price: $259,219 (Down $27,503 from June)
Average Selling Price: $248,312 (Down $49,449 from June)
% Difference Between List Price & Selling Price: 95.8% (Almost no change from June)
Well, we think it's obvious that we're full swing into summer and vacations abound...hence a bit of slowing in the market. But....homes are still selling, especially if they are priced right. At this writing, we've had another uptick in listings with there now being over 54,000 homes on the market. Part of this is due to end of summer and folks needing to get moved before school starts. Needless to say, 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 the last couple of months we have been well in the 7,000 range for pendings, and while some of those may have delayed closings, we are still not seeing near as many of those actually close. So while the number looks promising, time will still tell.
The average list price is down again compared to June by yet another $27,500, with the average sales price being down nearly $49,500...so it remains to say that sellers are still taking a nice haircut when selling, but again, the discounts you receive on the buying side still can make it a win/win situation (once you figure all the numbers). Days on market compared to June is nearly 2 weeks less as compared to June.
As we do every month, we will continue to monitor the market closely. Prices are continuing to fall and activity has slowed a bit, but in our area the fall is typically the second best quarter of the year, so hopefully history will repeat itself.
We will keep encouraging buyers to get on board NOW, especially with all the new housing finance changes that are coming down effective October 1, 2008. We'll have more on that shortly in another post. 
As always, thanks for "hanging out" with us.