Amazing what an arbitrary date on a calendar will do.
Full absorption rate figures to come later in the day but this was worth an early bulletin – just under 5% of the Phoenix real estate market’s resale inventory of single-family detached homes disappeared overnight.
As of a few minutes ago there are 36,810 single-family detached homes for sale in Maricopa County, down from 38,741 on December 25. There was no spike in closings so nearly all of the change came from listings expiring on December 31.
Many of these homes likely will return to the market, so the question isn’t whether the inventory will ramp back up buy how quickly it will do so.
Having said that, the 36,810 represents the lowest total resale homes for sale in Maricopa County since the week of May 1, 2006. That was pre-credit crunch and only a couple of months into the uncovering of the subprime fiasco.[tags]Phoenix real estate, real estate inventory[/tags]