In the Arizona Regional Multiple Listings Service at large, 5,590 homes sold in October against an inventory of 47,069, an implied absorption rate of 8.42 months. There are 6,059 properties listed as “Sale Pending.” All of these numbers are very close to September’s results.
Number of Homes Sold (with Days on Market)
March 2003 6471 67
2004 8678 60
2005 9959 36
2006 7469 58April 2003 7429 67
2004 8889 61
2005 9567 32
2006 6725 60May 2003 7428 67
2004 8932 56
2005 9853 27
2006 7582 63June 2003 7409 67
2004 9969 55
2005 10225 26
2006 7209 67July 2003 7643 64
2004 8974 51
2005 9326 25
2006 6101 70August 2003 7648 63
2004 8968 47
2005 9996 25
2006 6170 76Sept. 2003 6802 62
2004 8648 45
2005 9152 28
2006 5607 80Oct. 2003 6501 62
2004 8127 37
2005 7970 31
2006 5590 87
Average prices are up from September, from 324,370 in September to $330,210 in October, a net gain of about 1.77%.
Note that this may not accurately reflect the Phoenix-area real estate market as a whole. All private sales and most new-home builder sales are excluded from MLS statistics.
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Jeff Brown says:
A market that dynamic only goes up 1.77%? That’s empirical evidence of a bubble. How dare you portray it as anything else! 🙂
November 7, 2006 — 12:50 pm
Greg Swann says:
Not to worry. In a day or two, Dr. Jay Butler will find a way to snatch defeat from the jaws of victory…
November 7, 2006 — 12:52 pm
Jay T. says:
“Not to worry. In a day or two, Dr. Jay Butler will find a way to snatch defeat from the jaws of victory…”
Friday, at the latest….
The Chicken Little media will probably beat him to the punch, though they seem incapable of doing anything without quoting Dr. Butler, so perhaps they’ll wait for his proclamation .
November 7, 2006 — 6:41 pm