Phoenix Real Estate Showing Heartbeat
- CNBC reports this week that the supply of homes on market fell to its lowest level in about 20 months, leading some to guess that 2011 is the “bottom,” and possibly setting the stage for “rapid” ascent.
- Although CoreLogic, as featured by Phoenix Business Journal, says that home prices in Phoenix and Arizona continue to fall, Arizona Real Estate Trends points out that report is MISLEADING, and that “This is an example of a misleading report from Core Logic. Year over year prices are down, but month over month pricing is increasing. PRICES ARE NOT CONTINUING TO FALL, they are increasing. The median sales price in Maricopa County in December of 2010 was $115,000 and remained flat until this November when the median resale home price rose to $119,900 (Arizona Real Estate Trends, 12/6/2011).”
- In agreement with this, our local experts at The Cromford Report declare definate movement toward Phoenix Real Estate Market correction this week, stating that square foot price is up across all prices ranges from lowest points; and that annual appreciation moved from -12% to just over zero this month.
- In early October, I reported that active MLS listings numbered 19,654. This number has dropped to about 19,304 today; down about 350 residential listings across Phoenix metro. While some of this recent decrease may be seasonal (some sellers take their homes off the market during the holidays, or decide to list it after the beginning of the year), inventory continues its overall decline. Less inventory equals fewer homes a seller competes with and eventually will lead to pricing increases.