Current conditions in the Phoenix market:

Today, there are 44,635 single family detached listings in the Phoenix Metro area MLS.  Total listings (including condos, townhomes, patio homes) is 54,170.  LIsting inventory has been bouncing around in this range for most of 2008.  Until inventory sees further signs of melting, we are likely to see prices continue declining.

MLS data indicates that September of 2008 saw our strongest surge in sales, 6168 total, since August of 2006.  Year over year data indicates that is an 81% increase over September of 2007.  October 2008 data should be available for next week's market report.

The under $300k range is still performing very strongly.  The most challenged market is the luxury market of $1million plus.

The listing absorption rate (number of listings going pending, versus remaining active) has declined to 10% this week, however that is typical for this time of year.