The Greater Phoenix single family home resale market is on the upturn at least in terms of sales if not the median price.  A large surge of buyer activity in recent months is coming to fruition with sales of home equaling that of last year.

(Data: ARMLS | Graphed by Artur Ciesielski)

(Note:  if you look at the previous graphs at PhoenixMarketTrends.com the numbers may be different because the source of data was different.  In this article the data is from the Arizona Regional Multiple Listing Service, while the other graphs use ASU data.)

A total of 5333 homes sold in May 2008, while 5337 sold in May 2007.  The median price did go down quite a lot, 18%, from $305,000 last year to $249,900 this year. 

The red line above represents current listing on the market.  Notice that they are on the way down and sales are increasing.  The total supply of homes is down to 9.5 months.  6 months would signal a balanced market.  The supply still remains high forcing prices to decline as buyers have much to choose from.

	2007	2008
Median Sales Price	$305,000	$249,900
Total Listings	51,013	50,483
Sold Homes	5337	5333
Days on Market	90	98

There are a few things that are noticeable in this market.  For one, as mentioned above, the inventory remains high.  Some of that inventory is not in the market.  What I mean to say is that the prices are so far beyond the going rate that they don't even compete despite being available. 

Good homes, in good neighborhood are selling.  Multiple offers are not unusually and some homes sell in a matter of days.  Home buyer activity is up as well with many more showings and inquiries form local buyers and out of state buyers.

This is a slight improvement is the market and it does not mean that sellers should let their guard down.  Pricing still needs to be competitive and ahead of the market, since it's still declining in most areas.

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