Here’s the November 2013 ARMLS (Arizona Regional Multiple Listing Service) STAT report prepared by Tom Ruff of The Information Market and I’ve highlighted some interesting points he’s currently making:
- There is a striking shift between supply and demand
- We are currently in a balanced market
- Supply is increasing and demand is “rapidly” falling
- We are quickly moving into a buyers market which should surprise most sellers
- July 2013 we had 2.44 months of inventory which rose to 4.33 in October 2013
- Listing inventory has increased 31%
- Average and median list prices increased 3.9% month-over-month
- Average price per square foot paid is still moving up
- There are less investors in the current market that actually helped us out of the previous bad one
Regarding the link above, STAT, the ARMLS® monthly statistical newsletter, provides Subscribers with a lucid and timely view of what is happening to the residential market in the Valley. Unlike statistics compiled by other entities, it does not rely on data from third parties delivered thirty to ninety days late.
STAT’s focus is on Sales and Active inventory, including details on sales prices and listing prices, foreclosures, pending, distressed sales, Days on Market, Month Supply of Inventory and a short commentary.
The ARMLS Pending Price Index™, an integral component of STAT, predicts future average and median prices based on reporting of contracts executed but not closed. The PPI is available ONLY through ARMLS, as no other statistics reporting entity has access to pending data inside MLS.
The PPI Supplement included in STAT analyzes pending properties added to the MLS system in the current month only, focusing on average and median prices, total units, % of total units for that month and price per square foot in specific price ranges . It then compares the current month pendings with pendings from the preceding three months.