This is a key housing market to follow since Phoenix saw a large bubble / bust followed by strong investor buying.
The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):
1) Overall sales in February were up 7.7% year-over-year (including homes, condos and manufactured homes).
2) Active inventory is now down 12.1% year-over-year.
More inventory (a theme in most of 2014) – and less investor buying – suggested price increases would slow in 2014. And prices increases did slow in 2014, only increasing 2.4% according to Case-Shiller.
In 2015, with falling inventory, prices increased a little faster. Prices were up 6.3% in 2015 according to Case-Shiller. With flat inventory in 2016, prices were up 4.8%.
This is the sixteenth consecutive month with a YoY decrease in inventory, and prices rose a little faster in 2017 compared to 2016 (5.6% in 2017 compared to 4.8% in 2016).
| February Residential Sales and Inventory, Greater Phoenix Area, ARMLS | ||||||
|---|---|---|---|---|---|---|
| Sales | YoY Change Sales |
Cash Sales |
Percent Cash |
Active Inventory |
YoY Change Inventory |
|
| Feb-2008 | 3,445 | — | 650 | 18.9% | 57,3051 | — |
| Feb-2009 | 5,477 | 59.0% | 2,188 | 39.9% | 52,013 | -9.2% |
| Feb-2010 | 6,595 | 20.4% | 2,997 | 45.4% | 42,388 | -18.5% |
| Feb-2011 | 7,171 | 8.7% | 3,776 | 52.7% | 40,666 | -4.1% |
| Feb-2012 | 7,249 | 1.1% | 3,616 | 49.9% | 23,736 | -41.6% |
| Feb-2013 | 6,618 | -8.7% | 3,053 | 46.1% | 21,718 | -8.5% |
| Feb-2014 | 5,476 | -17.3% | 1,939 | 35.4% | 29,899 | 37.7% |
| Feb-2015 | 5,970 | 9.0% | 1,784 | 29.9% | 27,382 | -8.4% |
| Feb-2016 | 5,816 | -2.6% | 1,688 | 29.0% | 27,202 | -0.7% |
| Feb-2017 | 6,547 | 12.6% | 1,696 | 25.9% | 24,275 | -10.8% |
| Feb-2018 | 7,052 | 7.7% | 1,978 | 28.0% | 21,339 | -12.1% |
| 1 February 2008 probably included pending listings | ||||||