Since today’s breakfast at the weekly sales meeting is birthday cake, I thought I would stay home and get the numbers out a little earlier.
Phoenix’s real estate absorption rate continues to climb and now sits at 16.58 months of inventory. There was a 300-home increase in net inventory for single-family detached homes, putting us back at the levels from two weeks back. And there were 2,450 closed sales over the preceding 30 days.
I’m somewhat surprised by the increase in inventory. Last week’s drop seemed to be the signal that the fall real estate season had begun and inventories would gradually drop over the last three months. What the spike tells me is many owners are leaving their homes on the market regardless.
The sheer volume of bank- and corporate-owned homes as well as the growing list of vacant properties may keep the levels higher than in the past; if there’s no one in a vacant house to care that the holidays are upon us, the home’s likely to sit on the market.
As always, click on a marker to see the details for any particular city or town. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but is not guaranteed.
[tags]Phoenix real estate, absorption rate[/tags]