The end of year and holiday resale home statistics don’t bring much cheer. Mike Orr of ASU’s Center for Real Estate noted that the greater Phoenix market lost momentum in the last 6 months of 2015, except for the entry level market, which is chronically under supplied. For example, the average time a home was on the market in October was 88 days. In 2014 in October the average days on market was 65. Tom Ruff of The Information Market analyzed October’s results and observed that “market demand was extremely low.” When looking more closely, as of the end of the year the supply of listings from $250,000 to $400,000 is almost keeping up with demand. But supply is growing faster than demand above $400,000, and over $1 million demand is currently low and it gets increasingly weaker as you move up price.
