Inventory of homes for sale in the Phoenix real estate market is spiking higher by the day right now, causing the current rabid sellers’ market to calm down ever so slightly.
As of the moment, there are 10,324 single-family detached homes for sale in Maricopa County. That’s still about 1,000 less than what we had at the beginning of the year, but also up about 1,000 from the lows six or so weeks ago.
Some important notes:
- It’s not shadow inventory; there only are 438 bank-owned homes active on the market.
- It’s not distressed inventory; there only are 408 short sales active on the market.
- It’s not “fire sale” inventory; only 357 of the homes are priced at $100,000 or under.
What it is is a combination of higher interest rates and sellers (finally) getting off the fence and putting their homes on the market. I could be a naysayer and point out it would have been far better to be on the market a month ago rather than now, but why ruin the vibe.
But still, let’s not think these higher inventory levels are creating a balanced market or represent normal levels. That just isn’t the case …
- In Glendale, there are 458 homes for sale
- In Peoria, there are 471 homes for sale
- Phoenix proper has 2,426 homes for sale
- In Surprise, there are 500 homes for sale
- In El Mirage, there are 48 homes for sale
Those aren’t big numbers, not in the size of cities we’re talking about.
Sellers … there’s still time to get your home sold for a solid dollar amount in a short period of time. But the window of opportunity is closing. Slowly, but closing still.
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Just for the fun of it, check out the photos below of some homes for sale in Fletcher Heights in Peoria:
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