Here are a few charts from the Cromford Report website that show the most current statistics on the Phoenix-area housing market. All figures are for metro Phoenix Arizona through the first 10 days or so of November 2011, and all types of housing (condo, detached home, patio/town home) are included.
These are charts for Days on Market and total dollar Volume of home Sales.
[caption id="attachment_9649" align="alignnone" width="300" caption="Days on Market, metro Phoenix AZ, Nov 2011"][/caption]
[caption id="attachment_9650" align="alignnone" width="300" caption="Total Volume of Sales, metro Phoenix AZ, Nov 2011"][/caption]
On the top graphic, you can see that time on market -- an indicator of both sellers picking the right price and buyers wanting to buy -- is dropping. That's generally a good thing, and it's watched as an overall indicator of market health. Three to six months on the market is considered about "normal"; more is a buyer's market, less is a seller's market.
The red line chart on the bottom graphic shows the typical bump in sales activity in the summer. But the blue line chart to the right shows that sales volume is higher year-over-year than this time last year. In other words, our summer sales growth left us at a higher point that this time last year, selling more homes overall.
Our buyers are writing multiple offers before getting one accepted, but sellers are still generally willing to pay closing costs. What have you been seeing when you're shopping for homes? How many offers are you writing on homes before you get one accepted? Are sellers still willing to pay buyer's closing costs? We'd like to hear your feedback, please leave a comment.