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ARMLS 2011 year in review focuses on the state of the Phoenix area real estate market recovery over the last 12 months, placing gains and losses over the year in perspective. Overall, ARMLS states the tale is positive. Below is information provided by ARMLS.

Sales
Sales rebounded in 2011 topping out at 101,436, the second highest total sales in the decade. It was surpassed only by 2005 with 104,725 sales. There were 67,950 sales in 2002, 80,052 sales in 2003 and 98,922 sales in 2004. Respectively, 2011 compares favorably.

Inventory
Total new listings in 2011 was 121,041 and fell slightly below the 2002 figure of 125,738.

Months Supply
The average months supply in 2011 was 3.81 months, more closely resembling the average months supply of 4.31 in 2003; the midpoint of our last normal market. Some seasoned real estate professionals and observers say that when the months inventory is less than six (6) months, it is a seller’s market.

Foreclosures
Foreclosures in the Phoenix and Scottsdale area real estate market reached their pinnacle in November 2009 at 50,568 and finished 2011 at 19,949, 60% below the decade high. In 2011 foreclosures took an abrupt downward turn all year.

Pricing
The median sales price began the year at $110,000 for all of Maricopa County and ended the year at $117,000. The average sales price began the year at $157,000 and ended the year at $162,200. All four pricing metrics took 12 months to go practically nowhere. On a positive note, given how long pricing has stalled, the Phoenix area real estate market pricing has probably hit bottom, we just don’t know how long it will stay.

National predictions on homes prices are a slow but steady upward climb in 2012.

Summary
ARMLS states that all in all, 2011 was a pretty good year on the road to recovery in the Phoenix and Scottsdale real estate market.