Phoenix, AZ – Real Estate Market Data – October 2012
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October Property sales were 1,738, down 15.9% from 2,066 in October of 2011 and 8.4% higher than the 1,604 sales last month. October 2012 sales were at a mid level compared to October of 2011 and 2010. October YTD sales of 18,744 are running 16.3% behind last year’s year-to-date sales of 22,406.
The Median Sales Price in October was $129,900, up 62.4% from $80,001 in October of 2011 and up 3.9% from $125,000 last month. The Average Sales Price in October was $178,090, up 52.8% from $116,531 in October of 2011 and up 5.4% from $168,897 last month. October 2012 ASP was at the highest level compared to October of 2011 and 2010.
The Total Inventory of Properties available for sale as of October was 4,681, up 4.9% from 4,464 last month and down 12.9% from 5,373 in October of last year. October 2012 Inventory was at its lowest level compared with October of 2011 and 2010. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2012 MSI of 2.7 months was at a mid level compared with October of 2011 and 2010.
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 October was 41, down 2.4% from 42 days last month and down 31.7% from 60 days in October of last year. The October 2012 DOM was at its lowest level compared with October of 2011 and 2010.
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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.