I’ll be back with facts and figures for individual cities around the Phoenix real estate market either later tonight or tomorrow, but for now here’s the big picture look.
Inventory of single-family detached homes in Maricopa County rose by just under 400 homes to 37,021. Sales over the past 30 days were off by about 100, leading to a half-month rise in the absorption rate to 9.97 months.
Bank owned inventory finally crested the 10,000 mark – there are 10,207 single family detached REOs currently available in Maricopa County. Closed sales over the past 30 days were about steady at 2,272 for an absorption rate of 4.49 months.
I’ve said this before and will say it again, especially now that bank owned inventory has crossed the 10,000 mark. Much has been made of the “wave” of foreclosures that have been hitting (and are expected to hit) the Phoenix real estate market. But to date, the market has been able to absorb the inventory at a relatively brisk pace (4.49 months is higher than in past reports but still falls into the sellers’ market category.)
Bank owned homes are up by more than 100% since I started tracking that figure separately, but the 6,000-home increase has not caused a corresponding 6,000-home increase in the overall market numbers.
Prices remain under pressure because many banks are ruthless in their pricing. And from that standpoint, it will take a while before any sense of balance is seen. But from a pure supply and demand standpoint, the Phoenix market is holding its own.
Full figures later …[tags]Phoenix real estate, bank owned homes[/tags]