RSS Feed by Calculated Risk on 4/23/2018 03:28:00 PM
Monday, April 23, 2018
Phoenix Real Estate in March: Sales up 3%, Inventory down 13% YoY
This is a key housing market to follow since Phoenix saw a large bubble / bust followed by strong investor buying.
The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):
1) Overall sales in March were up 3.3% year-over-year (including homes, condos and manufactured homes).
2) Active inventory is now down 12.9% year-over-year.
This is the seventeenth consecutive month with a YoY decrease in inventory.
| March Residential Sales and Inventory, Greater Phoenix Area, ARMLS | ||||||
|---|---|---|---|---|---|---|
| Sales | YoY Change Sales | Cash Sales | Percent Cash | Active Inventory | YoY Change Inventory | |
| Mar-08 | 4,303 | --- | 822 | 19.1% | 57,0811 | --- |
| Mar-09 | 7,636 | 77.5% | 2,994 | 39.2% | 49,743 | -12.9% |
| Mar-10 | 8,969 | 17.5% | 3,745 | 41.8% | 42,755 | -14.0% |
| Mar-11 | 9,927 | 10.7% | 4,946 | 49.8% | 37,632 | -12.0% |
| Mar-12 | 8,868 | -10.7% | 4,222 | 47.6% | 21,863 | -41.9% |
| Mar-13 | 8,146 | -8.1% | 3,384 | 41.5% | 20,729 | -5.2% |
| Mar-14 | 6,708 | -17.7% | 2,222 | 33.1% | 30,167 | 45.5% |
| Mar-15 | 7,884 | 17.5% | 2,172 | 27.5% | 26,623 | -11.7% |
| Mar-16 | 8,555 | 8.5% | 2,107 | 24.6% | 27,580 | 3.6% |
| Mar-17 | 9,304 | 8.8% | 2,226 | 23.9% | 24,871 | -9.8% |
| Mar-18 | 9,615 | 3.3% | 2,435 | 25.3% | 21,669 | -12.9% |
| 1 March 2008 probably included pending listings | ||||||
