No one who has attempted to purchase a home over the last couple of months needs to be told that inventory has been declining steadily since the spring.
As of this morning, there were just over 13,600 single-family detached homes for sale across all of Maricopa County according to the Arizona Regional Multiple Listing Service. (If you’re wondering how thin that really is, consider Maricopa County has 3.8 million residents and nearly 1.6 million housing units according to the Census Bureau.
Summer usually is the high selling season here, which leads me to believe inventory numbers soon will level and begin to rise; how quickly is anyone’s guess, as it seems banks are content to trickle homes on the market and many sellers still maintain they “know what my home is worth” contrary to recent sales all around them.
The magic number I’m predicting is 12,750 … that will be the bottom for inventory and then we’ll see the number gradually rise in the winter. I’m not quite as comfortable with a guess on that side but I’ll say 21,000 just for the fun of it all.
That’s my educated estimate. I greatly welcome yours below.