This morning opens with surprisingly hazy skies, light humidity to go with 92-degree temperatures, and 7,855 single family detached homes for sale in Maricopa County, which comprises the bulk of the Phoenix real estate market.
Though inventory levels have fallen as far as 7,200 homes in the past two months, we’ve been fairly stable in the 7,500 to 7,800 range for the past month.
In the month of June 6,851 single family detached homes closed escrow according to the Arizona Regional MLS. That’s a bit less than last year’s nearly 8,000 for the month, but the difference is understandable – there’s half the inventory available now as then, financed buyers don’t stand much of a chance below $100,000 (if not $120,000) and FHA buyers are at the mercy of the appraisers.
Here’s a breakdown of the sales …
- 354 below $50,000
- 884 below $75,000
- 1,634 below $100,000
- 3,188 below $150,000
- 419 above $500,000
Personally, I find that fascinating … more sales above a half million than below a half a hundred thousand.
What is defining the market, though, is the lack of inventory … there are far too many subdivisions out there where only a handful of homes are for sale. It’s great for those selling, it’s great for those living there as they see some of their equity return, but for buyers it’s brutal – and ultimately, it’s the confidence of buyers and their ability to purchase a home (or frustration over not being able to do so) that’s going to dictate the market’s near future.