For the eleventh consecutive month, inventory was down year-over-year in Phoenix. This is a significant change from last year.
The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):
1) Overall sales in October were up 2.0% year-over-year.
2) Cash Sales (frequently investors) were down to 24.9% of total sales.
3) Active inventory is now down 11.0% year-over-year.
More inventory (a theme in 2014) - and less investor buying - suggested price increases would slow sharply in 2014. And prices increases did slow in 2014, only increasing 2.4% according to Case-Shiller.
Now, with falling inventory, prices are increasing a little faster in 2015 (something to watch if inventory continues to decline). Prices are already up 3.5% through August (about double the pace for 2014).
| October Residential Sales and Inventory, Greater Phoenix Area, ARMLS | ||||||
|---|---|---|---|---|---|---|
| Sales | YoY Change Sales |
Cash Sales |
Percent Cash |
Active Inventory |
YoY Change Inventory |
|
| Oct-08 | 5,384 | --- | 1,348 | 25.0% | 55,7031 | --- |
| Oct-09 | 8,121 | 50.8% | 2,688 | 33.1% | 39,312 | -29.4% |
| Oct-10 | 6,591 | -18.8% | 2,800 | 42.5% | 45,252 | 15.1% |
| Oct-11 | 7,561 | 14.7% | 3,336 | 44.1% | 27,266 | -39.7% |
| Oct-12 | 7,020 | -7.2% | 3,081 | 43.9% | 22,702 | -16.7% |
| Oct-13 | 6,038 | -14.0% | 1,910 | 31.6% | 26,267 | 15.7% |
| Oct-14 | 6,186 | 2.5% | 1,712 | 27.7% | 27,760 | 5.7% |
| Oct-15 | 6,308 | 2.0% | 1,570 | 24.9% | 24,702 | -11.0% |
| 1 October 2008 probably includes pending listings | ||||||
from Calculated Risk http://ift.tt/1ONmXCf
via YQ Matrix
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