Numbers from ARMLS (Arizona Regional Multiple Listing Service) this morning:

• Active Listings (available for sale): 16,497  (2.2  months of inventory)
• In Escrow for closing of sale: 12,465
• Sold/closed in the last month: 7,484

Among the homes available, 53% are are under the $250, 000 price point.

• Active Listings priced $250,000 and less: 8,699 (down from 10,425 in late March)
• Active Listings between $251,000 and $500,000: 4,788 (up  from 4373 in March)
• Active Listings $501,000 to $1,000,000: 2002 (Up from 1796 in March)
• Active listings $1,000,000 plus: 1080 (Down from 1127 in March)

Where are the sales happening? During the last 30 days, there were approximately 7484 MLS (Multiple Listing Service) sales/closings.  Looking at the number of sales in each price range occurring over the last  month, it becomes apparent that about 69% of buyers are looking for homes under the $250,000 price tag:

• Closed sale up to $250,000: 5,182 (with 8699 active listings,  equating  a little more than half a month [.6 months] of inventory)
• Closed sale between $251,000 and $500,000: 1,831  (with 4788 active listings, equating 2.6 months of inventory)
• Closed sale between $501,000 and $1,000,000: 377 (with 2002 active listings, equating 5.75 months of inventory)
• Closed sale $1,001,000 plus: 94 (with 1080 active listings, equating to  11 months of inventory)

With 69% of home purchases occuring at $250k price point and lower, but only 53% of total available homes for sale priced up to $250,000, the competition in the lower pricing segments continues.  We can also see that the inventory is heavier in each consecutive pricing segment, which may help to explain to sellers of higher priced homes why it may take longer to sell.