Phoenix Real Estate Inventory News I Didn’t Want to See

A picture’s worth 1,000 words, eh?

As of this morning, there are fewer than 10,000 detached homes for sale in all of Maricopa County.

If you have equity in your home and want to move to something bigger, do it. Homes are selling quickly.

If you are looking to buy a home, particularly in the sub-$125k range, get ready for a battle. Multiple offers are the norm.

If you are sitting back waiting for that shadow inventory to appear, forget about it. After four years of waiting, this is where we are.

We’re not quite at the 2005 stupidity of sellers demanding appraisal contingencies to be waived; having said that, I’ve run across more than one property owned by an allegedly savvy investor well above market price where the seller has indicated they’ll wait for their price no matter how long it takes.

Pretty much the same thing, now that you think of it.

About Jonathan

Jonathan Dalton is a 30-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

  • Hey Jon — I can see the reality in your market today. What about Phoenix’s share of the 4-6Mil lender owned, in foreclosure process now, short sales, future short sales, and the countless homes not served NODs yet, but WAY behind? Has Phoenix already purged those out of their local market? What you’re reporting is eery. Thanks

  • Wish I had hard numbers, Jeff, but all I’m working on is a gut feel. And that feel is that we’ve got a fairly small share of those 4-6 million homes across the nation. If not purged from the system, I believe they’re at least at a much lower number than most locales. We’ve been working through bank-owned inventory for more than four years now, a bit longer than most.
    Or maybe I’m giving the banks too much credit for having enough intelligence to know it’s safe to up the inventory quickly without hurting what appear to be flattening to slightly recovering values in some areas.

  • wow, so what’s changed?  I moved back to indiana in 2009 from phoenix and market times were long at that point.  Homes just drop in price to the point where everyone is jumping on them again?

  • To some degree, Christine … a lot of it has been the lack of inventory. Interest in the market has been strong for well over a year, but it’s becoming even more acute with the severe shortage of homes on the market.