Looking through this week’s archives I realized I never posted the absorption rate map on Tuesday. So here it comes, with numbers from Tuesday, just a few days later than normal.
As of this past Tuesday, care to guess what the hottest market in the Phoenix real estate market is?
Queen Creek at 5.80 months of inventory, comfortably in “balanced” market range.
There’s no question about the cause – of the 293 sales over the past 30 days, nearly 2/3 either were bank-owned homes or short sales. But they were sales nevertheless. The wave of expected foreclosures has hit this city on the border of Pinal and Maricopa County, but rather than swamping the market the added inventory’s being absorbed at a brisk pace.
Why? One word … affordability.
When affordability returns to the market, buyers will do what buyers do … they’ll buy.
As always, click on any of the below markers to see the details for any city or town in the Phoenix real estate market. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
One final note – watch this Tuesday, as I’m hopeful to have city searches linked to the markers on the map. Still deciding between full listings and those over the past seven days, but one or the other will be there.
[tags]Phoenix real estate, absorption rate[/tags]