Arizona February Housing Statistics - Improving Market Conditions !!!

Market Stats brought to you by The Thomas Davis Group of Re/Max Homes and Investments

The economy still struggles, but we're still looking at VERY positive statistics to our local real estate market! The numbers continue to improve the last few months. Always cautiously gauge statistics for seasonal adjustments, affecting economic (& political) changes, and monthly trends to see more than what's ‘on the surface'!

The perspective views below are not a representation of fact, but only considered as professional opinion. Reports are from current, residential MLS information - good through February 28^th, 2009... Also showing continued market trends from the last 2 years.

** Compiled information represents MLS residential properties, located within the local MLS region. Information does not reflect raw land, commercial, or multifamily units.

Following the attached reports, in respective order:

• Supply & Demand Listings - Dramatic! Look at the decrease this last month. Note - Keep in mind that in February, some financial institutions agreed to postpone foreclosures (less than 30 days), thus fewer new REOs to the market... Keep that & other data in mind when looking at statistics that are potentially affected.

Click Here for Chart

• Supply & Demand #of units ‘Under Contract', Sold', & ‘New' - Again, all great trends! Both ‘Under Contract' and ‘Sold' properties have substantially increasing, while "New' listings to the market decreased. Somewhat seasonal adjustments, but at much higher percentage increases than in previous years.

Click Here for Chart

• Median Price of properties ‘Listed', ‘Sold', & ‘New Listings' - As mentioned last month, the median ‘Sold' price continues to decline, but both current "Listed' & ‘New' listings to the market have been trying to hold a higher. Can the defiance of the listing prices slow the drop in median ‘Sold' prices?? Could be? Note that the percentage of decrease in ‘Sold' prices is less than in previous months.

Click Here for Chart

• Months Supply of Inventory - A 220% decrease in the average ‘Month's Supply of Inventory' over the last 4 months! Coupled with the decreasing number of listings (see previous), the management & sale of our oversupply of inventory continues to improve!

Click Here for Chart

• Percent of homes ‘Under Contract' - Again, a 200% positive increase in the percentage of homes that are ‘Under Contract' since last November! Although slightly seasonal, previous year's increases haven't been to this scale!

Click Here for Chart

• Basic Absorption of homes ‘Under Contract' (both old & new) & ‘Residual Inventory' - Another great trend. ‘Residual Inventory' and ‘New' listings are decreasing, while properties ‘Under Contract' continue to increase... Just what we want to see!!

Click Here for Chart

NOTE - If you're looking for other MLS perimeters to these statistics (ie. specific area(s), property types, or ‘wider' perimeters), please feel free to contact us. The Thomas Davis Group of Re/Max Homes and Investments 480-248-9175