For the twelfth 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 November were up 6.5% year-over-year.
2) Cash Sales (frequently investors) were up slightly at 29.1% of total sales.
3) Active inventory is now down 8.8% 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 4.0% through September (about double the pace for 2014).
November Residential Sales and Inventory, Greater Phoenix Area, ARMLS | ||||||
---|---|---|---|---|---|---|
Sales | YoY Change Sales |
Cash Sales |
Percent Cash |
Active Inventory |
YoY Change Inventory |
|
Nov-08 | 4,417 | --- | 1,217 | 27.6% | 56,2271 | --- |
Nov-09 | 7,494 | 69.7% | 2,572 | 34.3% | 40,372 | -28.2% |
Nov-10 | 6,789 | -9.4% | 2,966 | 43.7% | 45,353 | 12.3% |
Nov-11 | 7,147 | 5.3% | 3,245 | 45.4% | 26,798 | -40.9% |
Nov-12 | 6,810 | -4.7% | 2,945 | 43.2% | 23,232 | -13.3% |
Nov-13 | 5,181 | -23.9% | 1,761 | 34.0% | 26,762 | 15.2% |
Nov-14 | 4,986 | -3.8% | 1,396 | 28.0% | 27,426 | 2.5% |
Nov-15 | 5,308 | 6.5% | 1,542 | 29.1% | 25,022 | -8.8% |
1 November 2008 probably includes pending listings |
from Calculated Risk http://ift.tt/1RArEz6
via YQ Matrix
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