ALL PHOENIX REAL ESTATE

After a several month hiatus, it’s the return of the market stats.

When we stopped the weekly statistics posts back in September, there were 19,801 single-family detached homes for sale in Maricopa County. As of today, there are 23,172 single-family homes for sale in the Phoenix real estate market.

Back in September there were  2,800 bank owned homes for sale. As of today, there are 3,588 bank owned homes for sale.

The big difference? Over a 30-day span ending September 17, there were more than 6,000 closed sales in the Phoenix area. Over a 30-day span ending today, there were 4,633 closed sales. As a result, we now have 5 months of inventory where on the last report there were just more than 3 months available.

Which would sound worse if not for the fact that a year ago at this time, we were on a 3,427 sales pace against inventory well over 36,000 and a 10-month supply of homes. Two years ago was 1,800 sales and just shy of 40,000 homes.

In other words, sales remain robust for this time of year; January traditionally is the slowest month of the market as homes being closed on now were purchased just ahead of the winter holidays. Yet we still have a decent sales pace.

As always, aside from the four-month hiatus, details from the various cities and towns in the Phoenix real estate market are below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable and somewhat dry but not guaranteed.

Phoenix Real Estate Inventory: January 29

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It’s been a while since I’ve posted inventory numbers for the Phoenix real estate market and in the passing weeks not a great deal has changed.

There are 20,330 single family detached homes for sale in Maricopa County and there were 5,885 closed sales over the past 30 days … all of that means we have about 3.45 months of inventory, up less than half a month from the last update that I provided in September.

Only 2,697 of those 5,885 sales were of bank owned homes, which is low. Another 1,185 are listed as short sales, which seems borderline unbelievable given most lenders continue to be clueless if not antagonistic when it comes to these listings. Do the math and you’ll see 2,031 of the sales were non-bank owned and non-short sale listings.

Check that again … 45 percent of the sales were bank owned, 35 percent of the sales were neither bank owned nor short sales. Go back a month and more than half the sales were bank owned, with traditional sales hovering around 30 percent of the market.

My hunch is the investors who are purchasing homes at auction, fixing them up and then putting them back on the market are having some impact on the sales. There are limits to what kind of impact there can be since these homes are ineligible for FHA financing for 90 days after the investor purchase - a contract can’t even be written until day 91 - but this niche market is having a bit of an impact.

One other interesting note … as of the moment, there are 2,696 detached bank homes for sale in the Phoenix real estate market meaning there’s almost exactly one month of bank owned inventory for the sale, which is higher than we’d seen previously.

For those used to seeing the inventory figures … it’s been both odd and liberating not to run them every week. As you probably surmised from the jumping days from week to week, running the numbers for 25 different cities had gone from interesting project to chore and once anything becomes a chore it’s hard to sustain much personal interest.

Once this little bit of malaise passes the numbers may come back as well, assuming there is something of interest to report. Truth be told, there’s been so little change since the first shock in April that showed activity had turned a corner, it’s become difficult to find new ways of saying “this isn’t a buyers’ market anymore.”

Except the entire Phoenix real estate market isn’t a buyers’ market. Bank owned homes certainly aren’t, which doesn’t stop agents from writing extremely low offers thinking the banks will give homes away. Traditional sales are to some degree, though much of that depends on the price and the sellers’ motivation.

If anything, the Phoenix market is more stratified than ever. And maybe that’s where the next project lies, in finding the best possible way to illustrate that stratification to help you make more informed decisions about real estate here in the Valley.

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City by city numbers are going to have to wait until tomorrow as the actual business of real estate has kept me hopping the last two days.

As for the overall numbers, there are 19,914 single family detached homes for sale in the Phoenix real estate market. The least expensive is, I hope, a typo … otherwise my family will forgo the trip to Applebee’s and write an offer instead.

(Somewhere I guarantee you there’s an unsuspecting buyer who saw this online who now is looking for two twentys.)

And speaking of absolute silliness …

No pictures of the interior of the house - not the kitchen, not the bedrooms, not the bathrooms, not the living or family rooms. But we do have the picture of the ducks at the edge of the lake with the caption “baby ducks do convey.”

How much fun would this lawsuit be? “Ladies and gentlemen of the mediation panel, I only bought this house because my kids love ducks and the listing said ‘baby ducks do convey’.”

(Of course, unless it’s written in the contract the MLS listing isn’t enforceable but at this point we’re splitting hairs … or hares, if baby bunnies also happen to convey.)

Where was I before I interrupted myself?

Oh yes, market stats. We had 6,038 closed sales over the past 30 days which means the Phoenix real estate market has 3.30 months of inventory at the moment.

As I said, details will be forthcoming tomorrow. I’ve got some duck lovers I’ve got to call.

(Photo courtesy of the Arizona Regional MLS)

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Overall inventory crept up while bank inventory fell further in the Arizona Regional MLS this week.

There now are 19,801 single-family detached homes for sale in the Phoenix real estate market, from a 1-bedroom, 1-bath Phoenix house available for $10,000 to a 4-bedroom, 9-bath mansion on 5 gated acres for a mere $18,900,000 (reduced from the original list price of $23 million.)

Bank owned inventory in Maricopa County fell to just 2,800 units; there are 5,352 short sales and 11,649 non-bank owned, non-short sale homes for sale.

Closed sales over the past 30 days rose from last week’s report to a total of 6,137, giving the Phoenix market an absorption rate of 3.23 months of inventory. REO inventory still is at .90 months and non-short sale, non-bank owned inventory fell a week to 6.22 months.

Five cities and towns continue to have less than two months of inventory available, a figure which should rise as the market theoretically slows this fall. Then again, maybe the last-minute rush to take advantage of the $8,000 tax credit will keep things brisk until the November 30 deadline.

As always, details from the various cities and towns in Maricopa County are on the table below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.

Phoenix Real Estate Inventory: September 17

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The number of homes for sale is falling here in the Phoenix real estate market but so are the closed sales, resulting in higher inventory levels than we have seen for a while.

There are 19,700 single-family detached homes for sale in the Phoenix real estate market. Closed sales over the past 30 days have fallen to 5,903, for an overall inventory level of 3.34 months. Bank owned inventory is creeping higher but remains at under 1 month at 0.94 - 3,025 sales against 2,831 active listings.

Short sales stand at 4.87 months - this probably would be better if not for the likes of Bank of America, which seems content to watch buyers walk - and non-bank owned, non-short sale homes sit at 6.46 months, a half-month jump over the last 10 days.

As always, all the details from the various cities and towns in Maricopa County are on the table below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.

Phoenix Real Estate Inventory: September 9

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