A day late, but here’s the latest inventory update for the Phoenix real estate market. Inventory over the past week rose by a net of approximately 400 homes while closed sales of single family homes dropped by 42. Absorption rate for single family homes in Maricopa County sits at 10.15 months.
Bank owned inventory naturally rose as well and now stands at 7,786 – about 200 higher than a week ago. The 1,671 closed sales essentially were flat (down by 1), leading to an REO absorption rate of 4.66 months.
Courtesy of Diverse Solutions, there’s now an easier way to search for REO properties in particular though I will caution you that by searching for REOs, you may miss seeing homes being sold by sellers who have realized what their competition truly is.
We’re going to have a fairly slick way of presenting these homes to you but we’re still a day or two out from having it up and running. In the interim, you can customize your search on our main Phoenix real estate search page.
Below are the particulars from the various cities and towns around the Phoenix market. As always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=24] [tags]Phoenix real estate, absorption rate[/tags]