STAT, the Arizona Regional Multiple Listings Service’s (ARMLS®) monthly statistical newsletter, provides a lucid and timely view of what is happening to the residential real estate market in the Valley of the Sun – The Metro Phoenix Area. Unlike statistics compiled by other entities, it does not rely on data from third parties delivered thirty to ninety days late. STAT’s focus is on SALES and ACTIVE INVENTORY, year over year and month over month, including details on sales prices, foreclosures and short commentary. * The most current version will provide data from the previous month.
STAT February 2014
The February version of the STAT newsletter is ready for review and it covers January 2014 data. The STAT February 2014 version provides supporting data that a continued shift is taking place in the Greater Phoenix residential real estate market. ARMLS reported 4,797 sales in January 2014, down 17.1% from 5,789 in January 2013 and 18.4% below our five year running average of 5,882. We also saw a drop in newly constructed homes purchased year-over-year with only 565 new builds in January 2014 compared to 743 January 2013.
In the November 2013 issue of Stat it was stated by Tom Ruff of The Information Market, “We are presently in what can best be defined as a balanced market, but with supply increasing and demand rapidly falling, we are quickly moving into a buyer’s market.” Tom goes on to say that it is time to change our market definition from a balanced market to a buyer’s market.
February 2014 STAT Highlights
Monthly Sales – Down 17.1% year over year. Down 19.6% from last month
New Inventory – Up 10.7% year over year. Up 79.5% from last month
Total Inventory – Currently 28,464 Active Units for Sale. Up 28.9% from last year. Up 12.2% from last month
Months Supply of Inventory – 4.25 Months. Up from 5.93 months last month
New List Prices – up 16.6% from last year
Sales Prices – Up 16.5% from last year
Foreclosures Pending – down 48.8% from last year
Average Days on the Market – 79 – Up 7 days from last year and up 7 days from last month
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