Diverging Phoenix Real Estate Inventory

avatarthumbnail.jpgWe’ll have to hold off on the full numbers until after I get escrow opened this morning (and sift through the changing paperwork to make sure I’ve got a complete contract in hand) but until then …

Overall inventory of single-family detached homes in Maricopa County dropped below the 37,000 mark today for the first time this year, due mostly to the expiration of nearly 1,000 listings last night at midnight.

Still, we stand at 36,755 homes for sale in the Phoenix real estate market. Filter that against 4,340 closed sales the past 30 days and you have an absorption rate of 8.46 months, the lowest it has been since April 2007.

Inventory on bank owned homes swelled to 4,901 but sales have kept pace – 1,394 closed sales over the past 30 days for an absorption rate of 3.5 months.

On a side note, I have one buyer purchasing a bank owned home at the moment. We had the inspection completed last Saturday and the summary report came back at just over two pages. That, dear readers, is about as close to clean as they come.

More figures later …

[tags]Phoenix real estate, absorption rate, bank owned homes[/tags]

About Jonathan

Jonathan Dalton is a 30-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.