I had a dream last night. (Yes, I dream of MLS searches. What of it?) And in that dream, I pulled up the MLS and discovered there suddenly were more than 8,500 detached homes for sale in Maricopa County, a rather gargantuan leap in the span of a week.
Fortunately – because it would be damn creepy otherwise – my subconscious was off by a bit, though the trend was correct.
As of this moment, there are more than 8,200 detached homes for sale in the Valley – far from a significant amount of inventory, but decidedly more than the 7,200 to 7,500 we saw through the early months of the summer.
With Labor Day fast approaching and only about five more weeks of triple digit temperatures, inventory should continue to rise according to historical norms. (Norm took last year off, incidentally, but I think he’ll be back this time around.)
That’s good news for home buyers and not such good news for sellers. Rising inventory is going to stunt some of the appreciation we’ve seen and it’s going to make it a little tougher to get a home sold when there are more homes available. Already in the $180s to $200s range, homes are hanging on the market for a few weeks when before they would be gone within 14 days.
Like the first few days of fall, in those places that have seasons, there’s a definite change in the air.