Sales continued to decline over the past 30 days in the Phoenix real estate market – down to just over 2,800 sales, which is equivalent to the sales levels during the winter holidays.
Inventory of single-family detached homes within Maricopa County surpassed the 40,000 mark. There still is a considerable amount of what I call phantom inventory- homes that by virtue of their price, condition or both have no real possibility of selling. We’ll explore this idea more later this week.
Maricopa County’s absorption rate is just shy of 14 months as of this update. For details on individual communities in Maricopa County, as well as Maricopa and Queen Creek, click on a marker below.
All data is from ARMLS and is deemed reliable but not guaranteed.[rags]absorption rate, Phoenix real estate[/tags]