July numbers for the Phoenix market
As expected, the slide in numbers continued through July. Analysts have been saying for the last few months that many buyers moved up their purchases from May, June and July to take advantage of the tax credit before it's expiration date of April 30. While that definitely seems to have had an affect, we are seeing trends that we haven't in a couple of years. Demand is down and inventory is up. The numbers below reflect a comparison of August 1 to May 1, the day after the tax credit expired and are for all areas and all types of properties in ARMLS.
Active listings are up 3.6 %.
Pending listings are down 31.8 % (which will be reflected in closings over the next couple of months)
Sales are down 23.8 %
Months supply is up 30.6 % from 4.6 months to 6 months
The market splits around the $225K mark. While numbers trend down below this mark, they trend up above it. The higher markets weren't affected as much by the tax credit influencing purchasing habits. Additionally, the credit didn't apply for purchases over $800K.
The overall trends are expected to continue at least in the short term and I along wtih everyone else will be keeping an eye on it.
Adam Tarr PC
Citywide Real Estate
Phoenix, AZ
480-236-7374
adam@WeAreAZRealEstate.com
Active listings are up 3.6 %.
Pending listings are down 31.8 % (which will be reflected in closings over the next couple of months)
Sales are down 23.8 %
Months supply is up 30.6 % from 4.6 months to 6 months
The market splits around the $225K mark. While numbers trend down below this mark, they trend up above it. The higher markets weren't affected as much by the tax credit influencing purchasing habits. Additionally, the credit didn't apply for purchases over $800K.
The overall trends are expected to continue at least in the short term and I along wtih everyone else will be keeping an eye on it.
Adam Tarr PC
Citywide Real Estate
Phoenix, AZ
480-236-7374
adam@WeAreAZRealEstate.com