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Monday, April 07, 2014

Lawler: Phoenix "listings are way up and sales are way down"

by Calculated Risk on 4/07/2014 02:59:00 PM

From housing economist Tom Lawler:

ARMLS reported that residential home sales by realtors in the Greater Phoenix, Arizona area totaled 6,712 in March, down 17.7% from last March’s pace. Lender-owned properties were 6.9% of last month’s sales, down from 11.6% last March, while last month’s short-sales share was 5.1%, down from 15.1% a year ago. All-cash transactions were 33.1% of last month’s sales, down from 41.5% last March. Active listings in March totaled 29,939, up 0.9% from February and up 44.4% from a year ago. The median home sales price last month was $187,000, up 11.6% from last March. Last month’s sales were the lowest for a March since 2008.

Residential Home Sales, Greater Phoenix Area, ARMLS
Number of Sales by Type
Lender owned4,5891,872948462
Short sales 1,8892,2751,233339
"Non-distressed" sales3,4554,7225,9725,911
Total sales9,9338,8698,1536,712
Share of Sales by Type (and All-Cash Share)
Lender owned46.2%21.1%11.6%6.9%
Short sales19.0%25.7%15.1%5.1%

Phoenix Active ListingsClick on graph for larger image.

This graph from Tom Lawler shows the active inventory in the Phoenix area. As Tom noted, listings are way up - but also way below the "bust" years.