Thursday, 12th of February 2009 at 12:09:00 PMToday’s discouraging article on azcentral.com pushed me to run some reports. You won’t often find me reporting statistics on this site because they are just too general. Each person and each neighborhood are different and I generally work at that level with my clients. My view of the data is slightly different and pretty much has a similar story, but I thought the data was better.I pulled two reports, using the ARMLS, the system that lists and tracks the majority of sales in the valley. The first report was the activity in the last 12 months from today and the other one was for the 12 months prior to that. So, 2/12/2008 – 2/12/2009 and 2/12/2007 – 2/12/2008. Obviously there is a one day over lap, but the law of averages is helping with that.
Okay, so lets look at average sales price. For the past year it was $200,442 and the previous year was $293,882. So sales are on average $93,000 less than last year. That’s in line with the list price going from $320,756 to $241,796, year over year. So the list price has gone down about $80,000. The Average Days on Market has been stead, 89 from previous year to 86 this past year.
The interesting number is the sold, it went up 20% with new listings only going up 2%. So the inventory is being absorbed at a faster rate. Changing the Months of Inventory from shaving a “whole” half a month.
So what does this all mean for you? Not sure, if you need or want to buy, now is the time, generally speaking. If you have to sell, then the numbers don’t mean anything, you have to sell. If you think you want to sell, well, it’s not the greatest time to compete for the best return. But that doesn’t mean you can’t sell. I’m aware of a recent flip that was priced at the top fo the local market, the work was great, it was staged correctly and sold in 11 days with 2 full price offers. These deals still happen. The fact that homes are still selling in an average of 90 days says good things compared to other markets. My hometown, the average days on market for a sold is 370 days. It could be worse.
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