It is common to look at the listings vs. sales number every month, divide the former by the later and use this to determine how many months of supply is on the market. In Phoenix for the month of January, it was 46,798/4389, or a 10.7 months supply. This number is a "one size fits all" number however, and like the "one size fits all" stuff at the discount stores, it never seems to fit anybody.
Generally, the more expensive the property, the longer you would expect it to be on the market. Based on data from the Arizona Regional Multiple Listing Service, (ARMLS), here is how the month’s supply (ratio) looked for Jan. 2006 and Jan 2007:
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[*ARMLS did not break out these price ranges from $500K+ in 2006]
