Phoenix AZ – Real Estate Market Data – August 2011

Phoenix AZ – Real Estate Market Data – August 2011

Click here for full report – Phoenix 2011-08

Property Sales

August Property sales were 2,269, up 29.2% from 1,756 in August of 2010 and 4.3% higher than the 2,175 sales last month. August 2011 sales were at their highest level compared to August of 2010 and 2009. August YTD sales of 17,679 are running 17.1% ahead of last year’s year-to-date sales of 15,102.

Prices

The Median Sales Price in August was $81,500, down 9.4% from $90,000 in August of 2010 and up 1.9% from $80,000 last month. The Average Sales Price in August was $116,862, down 10.4% from $130,462 in August of 2010 and down 4.7% from $122,581 last month. August 2011 ASP was at the lowest level compared to August of 2010 and 2009.

Inventory & MSI

The Total Inventory of Properties available for sale as of August was 5,934, down 4.6% from 6,223 last month and down 44.0% from 10,594 in August of last year. August 2011
Inventory was at its lowest level compared with August of 2010 and 2009.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2011 MSI of 2.6 months was at its lowest level compared with August of 2010 and 2009.

Market Time

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 August was 64, up 3.2% from 62 days last month and down 4.5% from 67 days in August of last year. The August 2011 DOM was at a mid level compared with August of 2010 and 2009.

Copyright © Coldwell Banker Residential Brokerage – Data is provided courtesy of Arizona Regional Multiple Listing Service, Inc.; Tucson Association of Realtors and Prescott Area Association of Realtors and may not reflect all relevant real estate activity. Coldwell Banker Residential Brokerage does not guarantee the accuracy of this information. It is the responsibility of any buyer or seller to verify any and all information relevant to such consumer’s real estate transaction.

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About azrelocation

Coldwell Banker Residential Brokerage provides comprehensive real estate and relocation services for Greater Phoenix, Greater Tucson, Prescott and Lake Havasu City. Our AZrelocation Blog will provide you with extensive market data -- both on the metro and city levels -- along with relocation trends, area highlights and other valuable information.
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