Karl Stauffer's Weekly Market Update
Weekly Inventory Level Comparison
©2008 Karl Stauffer
As of Friday, November 28th, 2008.
I hope that all of you enjoyed your Thanksgiving Holiday!
At least some of you were out selling homes as there was a slight increase in sales over the previous report. There was also a 1% decrease in inventory this week over 2 weeks ago. With very little change in the closing rate, we still have a net result of 9 1/4 months of supply here in the Valley.
Luxury homes showed an increase in sales, and improved to a 44 month supply in Scottsdale over $1M and 39 1/2 months in Paradise Valley.
Again, as we compare to last year, overall inventory levels are down about 5% and our rate of sales is up somewhere between 60 and 70% for November of 2008 over November of 2007. We need to continue to pass along this information to our clients since the media is not