Click here for full report – Phoenix 2011-05
May Property sales were 2,427, up 11.2% from 2,183 in May of 2010 and 5.2% higher than the 2,306 sales last month. May 2011 sales were at a mid level compared to May of 2010 and 2009. May YTD sales of 10,544 are running 12.8% ahead of last year’s year-to-date sales of 9,349.
The Median Sales Price in May was $79,600, down 24.9% from $106,000 in May of 2010 and down 0.5% from $80,000 last month. The Average Sales Price in May was $120,461, down 16.6% from $144,470 in May of 2010 and down 4.3% from $125,849 last month. May 2011 ASP was at a mid range compared to May of 2010 and 2009.
Inventory & MSI
The Total Inventory of Properties available for sale as of May was 7,194, down 8.1% from 7,832 last month and down 25.2% from 9,613 in May of last year. May 2011 Inventory was at its lowest level compared with May of 2010 and 2009.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2011 MSI of 3.0 months was at its lowest level compared with May of 2010 and 2009.
The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for May was 65, down 9.7% from 72 days last month and up 12.1% from 58 days in May of last year. The May 2011 DOM was at a mid level compared with May of 2010 and 2009.