This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. These key markets hopefully show us changes in trends for sales and inventory.
The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):
1) Overall sales in April were up 9.3% year-over-year.
2) Cash Sales (frequently investors) were down to 25.3% of total sales.
3) Active inventory is now down 13.2% year-over-year.
More inventory (a theme in 2014) - and less investor buying - suggested price increases would slow sharply in 2014. And prices increases did slow.
Now, with falling inventory, prices might increase a little faster in 2015 (something to watch if inventory continues to decline).
| April Residential Sales and Inventory, Greater Phoenix Area, ARMLS | ||||||
|---|---|---|---|---|---|---|
| Sales | YoY Change Sales | Cash | Percent Cash | Inventory | YoY Change | |
| Apr-08 | 4,8751 | --- | 986 | 20.2% | 55,7261 | --- |
| Apr-09 | 8,564 | 75.7% | 3,464 | 40.4% | 44,165 | -20.7% |
| Apr-10 | 9,261 | 8.1% | 3,641 | 39.3% | 41,756 | -5.5% |
| Apr-11 | 9,328 | 0.7% | 4,489 | 48.1% | 34,515 | -17.3% |
| Apr-12 | 8,438 | -9.5% | 4,013 | 47.6% | 21,125 | -38.8% |
| Apr-13 | 8,744 | 3.6% | 3,670 | 42.0% | 20,083 | -4.9% |
| Apr-14 | 7,656 | -12.4% | 2,469 | 32.2% | 29,889 | 48.8% |
| Apr-15 | 8,368 | 9.3% | 2,120 | 25.3% | 25,950 | -13.2% |
| 1 April 2008 does not include manufactured homes, ~100 more | ||||||
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