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Phoenix Real Estate By the Numbers – November 2012

Phoenix Real Estate By the Numbers – November 2012

A little bit late this time around, but the wonderful thing about the past is the facts don’t change. Well, unless it’s Bill O’Reilly writing history.

Before we get rolling, there are 11,165 single family detached properties for sale in Maricopa County. That number has been about the same for the past month and, given the time of year, may serve as the high-water mark (give or take a few hundred) as we head past the first of the year … if (and it’s a big if) demand remains the same.

Oh yes … and all data is provided by the Arizona Regional MLS and is deemed reliably but not guaranteed.

In November, there were 5,081 closed sales of detached homes in Maricopa County:

  • 634 bank owned/REO/foreclosures and HUD homes
  • 1,237 short sales
  • 3,210 traditional sales
By price …
  • 793 were listed at $100,000 or less
  • 2,043 were listed at $150,000 or less
  • 3,014 were listed at $200,000 or less
With November sales and current inventory, we’re looking at a hair over two months worth of homes on the market. That’s a bit higher than we’ve seen most of the year, but well below the 4 or so months of inventory that comes with a balanced market.

How about a little bit of historical perspective on the month of November …

  • 2001: 3,774 closed sales
  • 2002: 4,228 closed sales
  • 2003: 4,426 closed sales
  • 2004: 6,100 closed sales
  • 2005: 5,362 closed sales
  • 2006: 3,965 closed sales
  • 2007: 2,327 closed sales
  • 2008: 3,388 closed sales
  • 2009: 5,442 closed sales
  • 2010: 4,863 closed sales
  • 2011: 5,244 closed sales
  • 2012: 5,081 closed sales

My favorite takeaway there is that the housing boom of 2005-06 you so often hear about really took place from the fall of 2004 through Labor Day 2005 here in the Phoenix area. We led the nation up, then led it right back down. And then led it back up again, though not nearly so high, of course.

The challenge remaining is the increase in prices. Inventory has come back to some degree, but many of the folks unable to purchase because of the thin inventory are finding themselves looking at higher price points than they expected. Such is the way of the market.

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