Current conditions in the Phoenix market:

Today, there are 44,579 single family detached listings in the Phoenix Metro area MLS.  That is a very gradual decline from last week, however the good news is that we are not seeing listing inventory swell during this slower Fall season, as we saw last year.

Total listings (including condos, townhomes, patio homes) is 54,091, again, a very gradual decline. 

October showed 6,385 sales which is almost double the 3,354 sales that we saw in October of 2007.

The current number of listings at our current rate of absorption shows that we have approximately 10 months of supply in the Phoenix Metro area, versus 18 months of supply at this time last year.

The listing absorption rate (number of listings going pending, versus remaining active) has increased to 11% this week.