March had 13,274 new listings up from February’s 12,932. Sold listings increased to 4,293 from 3,448. So there were more new listings along with increased sales, but basically, inventory continued to grow at the same rate from February to March.
Median list price decreased to $234,000 from February’s $241,900. Median sale price dropped to $210,000 from $213,800. On average, median sale price has been 90% of median list over the last 12 months, slightly up from last months average of 88%.
Average list price dropped to $363,753 from $379,928. Average sale price was essentially flat at $293,300. It appears that average list and sales prices may be finally converging – we’ll see what happens in April.
Data Source: Arizona Regional Multiple Listing Service (ARMLS)
2001 – 2008 New Listing Chart
2001 – 2008 Sold Charts
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
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