For the past few years, ever since the real estate market collapsed in late 2005/early 2006, it was de rigeur for the Phoenix real estate market to make all the kinds of lists that homeowners wouldn’t want to see – highest foreclosure rates, largest drops in value, most homeowners underwater.
Median Phoenix/Mesa median list prices are up 27% over the past year to $164,900 — the biggest percentage jump in any of the 146 markets Realtor.com covers. Available listings have also plunged 48%, to 17,158, while median time on market is down 32.9% to 57 days.
I’m not sure where that 17,158 figure might come from. Realtor.Com, like Trulia and Zillow, is prone to some fictional data. There are just over 12,000 properties of all types for sale in the Arizona Regional MLS, just over 20,000 if you count contingent (AWC) listings – though I don’t recommend doing so – and 7,811 if you look at the detached homes in Maricopa County, which is the heart of the Phoenix/Mesa market.
So, in conclusion …
- Prices in Phoenix are rising.
- There are fewer homes on the market than you think.
- No, even fewer than that.
- There may be more bank owned homes on the way, though it’s anyone’s guess whether it’s this or last shavuos that it’s going to happen.
- Then again, there just may not be as much shadow inventory as the pundits seem to think.
Stay tuned, my friends …