May sales stay strong
The Phoenix metro area has seen a steady and strong market over the past few months. May’s sales of 8,442 continued on the same robust path of the preceding month, only slightly above the 12 month average of 8,290. Sales for March, April and May have been strong, each coming in over 8,000.
May 2012 sales figure is down 13.9% from the May 2011 figure, which may mirror the decline in inventory of homes available for sale from 2011 to 2012.
New listings rose only slightly in May (1%) to land at 9,270. This figure is 11.4% below new listings added in May 2011. May’s figure is in line with the twelve month average (9,367) of new inventory added to the market each month.
Total inventory fell 2.5% in May to 20,162, representing the 10th decline in the last 12 months. Since the May 2011 figure of 31,661, total inventory has fallen 36.3%. The inven-tory metric reached its decade high (58,178) in October 2007. It remained above 50,000 through February 2009, and began a slow descent below 50,000 starting in March 2009, continuing a steady downward trek during the second, third and fourth quarter of 2009, all of 2010 and 2011 up to the present. May’s total inventory figure is 65.34% lower than its decade high.
If you are considering buying or selling a home in the Phoenix area, it is important to know market conditions. The statistics above represent the overall market. For more info on your particular area, please feel free to contact me.
All statistics are sourced from MLS Stat.
Adam Tarr PC
Citywide Real Estate
Phoenix, AZ
480-236-7374