A day late, though either Tuesday or Wednesday soon may become the norm. Monday’s tend to be very busy days both in the real world of real estate and in the real estate blogging world as well. It doesn’t take much to find the entire day gone and no update complete.
Inventory fell off over the past eight days, to the tune of 300 fewer homes net than last as of last week. My expectation is net inventory will continue to fall in fits and starts over the final three months of the year for two primary reasons:
- October through December traditionally is a tough time to sell a home
- Sellers whose homes have been on the market through the summer, realizing the reality of number one, will pull their homes off the market upon listing expiration.
Having said that, a well-priced home still can sell during the fall months. It’s been known to happen from time to time. Thinning inventory means there’s less competition, so any property properly priced will appear more attractive.
Of course, thinning inventory is a relative term. I don’t expect to see the single-family detached numbers in Maricopa County fall to last year’s levels.
Back to the numbers … sales declined once again over the preceding 30 days, down to just over 2,500. And that led to an absorption rate now climbing over 16 months.
As always, click on a marker to see details for that particular city. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
[tags]Phoenix real estate, absorption rate[/tags]