Some Positives in the Phoenix Marketplace

They say that patience is a virtue.  Prices for Phoenix homes have been on the decline in recent months, creating an 8.97% increase in the number of single-family homes sold in July (compared to June) and a 33.86% increase from July 2007.  Condominiums and townhomes have decreased in price as well, creating a 16.2% increase in sales compared to June 2008.  Another leading indicator that the Phoenix real estate market may be starting a bit of a correction is that the DOM has decreased in just the last month.  June’s DOM for single-family homes and condos were both 127, while July’s DOM for condos and townhomes decreased to 119 and single-family homes fell even lower…to 112.  DOM (Days on Market) is the average time it takes a listing to go from “new” to “pending” status.  In a buyer’s market, the DOM is higher.  In a seller’s market, the DOM is lower.  While the DOM is still higher than the same time last year, Phoenix homeowners can take heart that the market isn’t at a complete standstill.  Phoenix homes are selling!  Just be patient.  If you list it, they will come.