Monday, April 23, 2018

Phoenix Real Estate in March: Sales up 3%, Inventory down 13% YoY

by Bill McBride on 4/23/2018 03:28:00 PM

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
  SalesYoY
Change
Sales
Cash
Sales
Percent
Cash
Active
Inventory
YoY
Change
Inventory
Mar-084,303---82219.1%57,0811---
Mar-097,63677.5%2,99439.2%49,743-12.9%
Mar-108,96917.5%3,74541.8%42,755-14.0%
Mar-119,92710.7%4,94649.8%37,632-12.0%
Mar-128,868-10.7%4,22247.6%21,863-41.9%
Mar-138,146-8.1%3,38441.5%20,729-5.2%
Mar-146,708-17.7%2,22233.1%30,16745.5%
Mar-157,88417.5%2,17227.5%26,623-11.7%
Mar-168,5558.5%2,10724.6%27,5803.6%
Mar-179,3048.8%2,22623.9%24,871-9.8%
Mar-189,6153.3%2,43525.3%21,669-12.9%
1 March 2008 probably included pending listings