In a previous blog last week I wrote about how the government shut down might still be affecting the Phoenix housing market. Here are the latest statistics from the Phoenix area MLS compared to the same time last year. There is definitely a shift going on as seen from the graphs and commentary below.
“There are two numbers from October indicating the direction of our current housing market is trending, yearly sales volume and month-over-month-inventory levels. Sales in October declined 13.9% year-over-year and total inventory increased 11.9% month-over-month- a striking shift between supply and demand.
We are presently in what can be best defined as a balanced market, but with supply increasing and demand rapidly falling, we are quickly moving into a buyer’s market.”
An interesting note is that even though the inventory has measurably gone up in the last 2-3 months, the average days on the market has only risen slightly and has not yet passed the 70 days we were at last year. It will be interesting to watch that number as we move through the end of the year and into the holidays.
Read more here.