As of April 2012, active inventory was 20,970 (a 40% decrease from April 2011). There were 8,425 closings in April 2012 (10% below April 2011). Housing inventory was 2.5 months of inventory (down from 3.7 in April 2011). Median price of sold homes was $138,000 for the month of April 2012 (up 25% from April 2011). Phoenix had 7,463 new properties under contract in April 2012 (down 19% from April 2011).
*These statistics are based on information obtained from the ARMLS on 5/4/2012 using Brokermetrics software. Information is believed to be reliable, but not guaranteed. Months of Inventory (MOI) reflect the time period required to sell all the properties on the market given the number of closed transactions in the preceding month, provided no new product becomes available. This is an excellent benchmark to show the velocity of transactions in relation to the market inventories. This measurement is a broad one and will vary (in some cases dramatically) by price range, location and type of property.