Here’s a market update specific to Tempe, AZ as of the end of April 2009. In the charts below, “orange” is 2009, “green” is 2008, and “blue” is 2007.
Overall, it appears that the Tempe market is making some improvements from a seller’s perspective. Fewer active listings, more pending sales, and less supply should act in favor of sellers.
There were 493 active listings, down from the same time in 2008, and just crossing below the 2007 level.
Closed sales moved up to 76, slightly up from 2008, but sill far from 2007.
Pending sales moved sharply higher through April to 136, easily surpassing both 2007 and 2008 levels at this time. As shown in the chart, this increase is expected on a seasonal basis, with a downtrend through the rest of the year starting sometime between May and June. Will this year be different? It’s possible given the current surge that the peak will move further out in the year.
Finally, there was 6.9 months of supply (the time it would take to sell all current listings with no new listings). This is below the 2008 level, but not yet to 2007. At this level we are near a balanced market between buyers and sellers. Newer data indicates that inventory is still dropping. This may change if a flood of new foreclosures hits the market over the next few months.
All data is courtesy of The Cromford Report. As their disclaimer says “The data used to create the Cromford Report™ is obtained from public records and obtained under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS). Cromford Associates LLC and ARMLS expressly disclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability or fitness for any particular purpose.” Ditto for TempeAgentNews.com.
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