Data extracted from the Arizona Regional Multiple Listing Service (ARMLS):
Active listings = 53,145
Active With Contingencies (AWC) = 892
Pending listings = 6,575
Sold listings (past 30 days) = 5,725
Here's an interesting look at "Days on Market" (DOM) — how long a home has been listed for sale in the MLS.
Number of homes with a DOM greater than or equal to:
180 days = 10,962
270 days = 5,008
365 days = 1,905
730 days = 44
1,095 days = 4
Note, these numbers are "inclusive". ie: the 1,905 homes with a DOM > 365 days are also included in the 10,962 homes with a DOM > 180 days. Make sense?
So what does this all mean?
The easy answer would be, "it means this is a buyer's market".
But what does THAT mean?
Does it simply mean, "now is a great time to buy a house"? Does it mean, "if you don't buy now you're missing out"? Does it mean, "you can't sell a house in this market"?
The answer to all of those questions is…. maybe, maybe not. Let's look at each answer:
Now is a great time to buy a house: Fact: There is a tremendous selection of homes available for purchase. Fact: Mortgage rates are still near historical lows. Fact: Many sellers are willing to negotiate. Fact: Builders are offering great incentives. So is now a great time to buy a house? Maybe, maybe not. I can't answer that question for anyone because it depends on your personal situation. Now may be a terrible time to buy a house — for YOU. Now may be the best opportunity in your lifetime to buy a house — for YOU. We can certainly talk, we'll tell you everything we know to help you decide if now is the time for you.
If you don't buy now, you're missing out: Will prices continue to fall or start rising again? Will mortgage rates go up? Maybe, maybe not! Here's the honest truth — I DON'T KNOW. And any agent, broker, loan officer, housing bubblehead, financial advisor, or any other human being that claims to know is full of it. NO ONE KNOWS. Sure, there are indicators for all of these things. There are predictions that can be made. But predictions can be wrong. It's important to understand the market, and the trends and predictions. But it's equally important to realize that no one, anywhere, can make any promises about what may happen in the near or long term future.
You can't sell a house in this market: This one is actually the easiest to answer — sort of. ANY home can be sold, in ANY market. Pricing is the single most important factor in selling a home, particularly in this market. If a home is priced correctly, it will sell. Now that being said, I'd be shoving my head in the sand and not doing my job if I didn't realize that the price you can actually sell your home for may not be enough for you to be able to afford to sell it. If you owe more on your home than it can be sold for, you probably can't afford to sell it. If you need some fixed amount of profit for whatever reason, then you may not be able to afford to sell. Can YOU afford to sell? Again, I don't know. The answer to that is different for every individual. All I can say for sure is we won't mislead you. If you want to list your house with us, and you tell us you HAVE to net X amount of dollars, then we'll sit down and figure out if you can. The math isn't difficult if you are familiar with closing costs and know the price your home can sell for. Be advised, some agents will "buy" your listing — telling you that they will list it at any price you want. In that case, of course you can list the home for what you need. But listing your home for a certain price and selling your home for that price are two completely different things. We won't list your house for a price it can't be sold for. What is the point in doing that? It's a waste of your time, and our time — we both have better things to do.
[tags]Phoenix real estate statistics, Phoenix real estate market, buyers market, Phoenix MLS[/tags]