First the good news! Buyers are starting to respond to the good prices and sales were up considerably in September. Total ARMLS sales for September 2008 were 6,150 compared with 3,377 in September of last year.
Above is a slide show of graphs for each city showing the number of active listings, the number of new listings, and the number of solds by month for the last 12 months. It is encouraging to see that in some cities the number of active listings has decreased in the past few months. However, with the number of new listings being added each month it will be a while before the market comes back into balance. Foreclosures have become a big factor in the market. No one can predict how many more foreclosure properties will be added to the active listings in coming months.
This data is supplied by the Arizona Regional Multiple Listing Service. ARMLS, West USA, and Pat & Amy Monahan do not guarantee the accuracy of the data.