I always look forward to Karl's reporting and the report below shows activity that we haven't seen in awhile and it was so encouraging. Everyone was feeling enthusiasm and a thread of excitement that just maybe we had turned the corner and then for some unknown reason with lots of speculation as to why, it just stopped three weeks ago. Some say it is tax time, some the rates went back up and the list goes on but it certainly did a number on deflating the balloon. Hopefully this is only temporary and we get a zip in our step again.
Weekly Inventory Level comparison
©2008 Karl Stauffer
As of Friday, 2/22/08
Current rate of closings has jumped by over 8% in the last week! Closes in the previous month were up to 2668, which gives us a supply of 17 /4 months, a substantial improvement over the previous week
Current Pendings also continue to increase dramatically. They have increased over 50% in the last 6 weeks from 3323 on 1/11/08 to 5309 this week. They are at the highest level that I have seen since early July 2007, PM (Pre-Meltdown). This will translate in to more closings in the next month. Total Listings remain unchanged at 46069.
Best markets in the Valley continue to be Scottsdale under $1M at a 13 1/2 month supply, followed by the SE Valley at 14 1/4 months supply.
Luxury Markets, by contrast, are at 42 1/4 months of supply in Scottsdale $1M+, and 40 1/2 months in Paradise Valley.
The comparison of current active listing change is based on the previous week’s inventory. Supply numbers are based on the number of closings in the previous month, divided in to the total number of active listings. This data is for Single Family Detached homes only and does not include patio homes, condos, or town homes.
Entire MLS (Maricopa and Northern Pinal county), listing inventories are unchanged from last week. Total of 46069 active listings. Based on current rate of closings, about a 17 1/4 month supply.
200’s area (Central Phoenix). Listing inventories are up 1% from last week. Total of 6539 active listings. About a 19 1/4 month supply.
300’s area (West Valley). Listing inventories are unchanged from last week. Total of 15125 active listings. About an 18 month supply.
400’s area (NE Valley), Listing inventories are up 1% from last week. Total of 7792 active listings. About an 18 3/4 month supply.
500’s area (SE Valley), Listing inventories are unchanged from last week. Total of 11549 active listings. About a 14 1/4 month supply.
Scottsdale over $1m. Listings inventories are up 1% from last week.
Total of 1645 active listings. About a 42 1/4 month supply.
Scottsdale under $1m. Listing inventories are up 1% from last week. Total of 2628 active listings. About a 13 1/2 month supply.
Paradise Valley. Listing inventories are up 1% from last week. Total of 446 active listings. About a 40 1/2 month supply.
I hope this information is useful to you.
Karl Stauffer, Associate Broker
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