According to Michael Orr, a real estate economist with ASU and a bloke that knows more than most about Arizona’s real estate market, single family home sales are down 17% compared to this time last year.
Michael, in an article on azfamily.com this week, says that the housing market has officially hit a slowdown due to a stall in demand and that if current conditions persist, residential real estate prices could head south before the end of 2014, if not in the coming months.
See the data below for further proof of a slowing market with Active Listings rising while Sales decreasing.
Active Listings as of February 19, 2014
Sales as of February 19, 2014
The article can be found at http://www.azfamily.com/news/consumer/alerts/ASU-report-Phoenix-housing-market-hits-slowdown-245863201.html
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Read more — http://www.inman.com/next/craigslist-axes-enhanced-listings-forcing-agents-to-up-their-real-estate-marketing-game/
Highlights for June of 2013 —
8,228 Monthly Sales in June (up 1.2% from June 2012)
9,246 New Listings in June (down .3% from June 2012 / down 6.1% from May 2013)
19,511 Total Listings on the Market in June (down 1.7% from June 2012)
$199,900 Median List Price in June (up 28.2% from June 2012)
$180,000 Median Sale Price in June (up 27.7% from June 2012)
8,027 Foreclosures Pending in June (down 55% from June 2012)
21.5% Distressed Sales in June (down 54% from June 2012)
66 Average Days on the Market in June (down 9 days from June 2012)
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