The listing count reported in the August Arizona Regional Multiple Listing Service (ARMLS1) Reports, which were released on September 15th, was 26,983—down 680 listings from the July reports. 

Phoenix Market - Sale vs. Listings

This graph shows the number of listings has dropped to 30k. Follow the 30k line over to December of ’02 and you will see we are back to more reasonable levels. What does this mean… well with the number of listings down, and sales at an all time high, (red line matching the highs of ’05) prices will soon be going back up.


ARMLS-reported sales for November rose 0.2% from the October sales figure with an increase of 208.  On an annually adjusted basis sales were down 705 or almost 10% from November 2009. This past May’s decrease was the first time in twenty-three months that there was a drop in sales over the same month in the prior year.

November’s sales quantity is typically very close to or slightly lower than October’s, so this month’s change is following the normal calendar cycle.  In the normal calendar cycle, sales tend to be highest in the summer and then gradually taper off over the next few months before resuming the climb during the first quarter of each year.  The winter months are consistently the lowest in sales.

The Median Price in the recently released March ARMLS(Arizona Regional MLS) resale sales reports is $128,000, up $3,000 from the February reports.  The Average Price increased from $173,900 to $178,200.  The graph below displays both the monthly Average Price and Median Price of resale homes sold in MLS from January 2002 through March 2010.

A new government program, the Home Affordable Foreclosure Alternative Program (HAFA), will simplify short sales for sellers who have already applied for a loan modification as discussed below.  HAFA streamlines the short sale process by pre-approving the seller and the terms of the short sale prior to listing the home for sale. Thus, the seller will be approved for a short sale based on documentation already provided to the lender as part of a loan modification. The seller will also know the net proceeds required by the lender before an offer to purchase the home is even made.  Finally, the lender must forgive the seller for the rest of the mortgage not paid by the short sale.

The $8,000 first time home buyer tax credit ($6,500 for existing homeowners) is scheduled to expire April 30 (sales contracts signed by April 30 have until June 30 to close) A first time home buyer is anyone who has not owned a home for the past 3 years.