July 1, 2009 opened with 31,920 active residential listings on the market -- down 2,558 from last month. As you can see from the chart, there were 54,538 active listings to begin December 1, 2008. The Phoenix area real estate market has experienced a 7-month decrease in active listings totaling 22,618.
- the pure definition of a buyers market is when "supply exceeds demand"
- the pure definition of a sellers market is when "demand exceeds supply"
8,560 residential listings sold in April, 9,330 sold in May, and we are on target to hit 9,400 in June of 2009. Those are some very impressive numbers that we haven't seen since the "boom" year of 2005. 31,920 active listings divided by 9,400 sales equals 3.4 months of inventory on the market. Inventory on hand hasn't been this low in over three years.
So are we in a buyers market, seller's market, or somewhere in between? Click here are to read a recent post.
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