It was a year ago at this time that I looked at the numbers and thought I was looking at an April Fools joke – inventory was down significantly, sales were spiking above the 5,500 mark … what I sensed but couldn’t pin down until subsequent week’s data were available was that this was the beginning of a sea change in the Phoenix market, if not in price then in activity.
And so we fast forward to today and we see there were 6,484 closed sales of single family detached homes in the Phoenix real estate market in the month of March … significantly higher than at the same period a year ago.
Of those sales, 2,496 were of bank owned homes and 1,358 were short sales; the remaining 2,630 were traditional, non-distressed sales.
Inventory has fallen from two weeks ago and remains lower than the year-before period, with 22,814 homes on the market … down a few hundred from a couple of weeks back. Of those 22,000, just over half are traditional sellers and there are 3,313 bank owneds and 6,621 short sales.
Does this spike owe itself to the expiration of the home buyer tax credit at the end of this month? Possibly, in part, though I still haven’t personally seen a lot of activity along that front. It also could be seasonal as this is the beginning of the time when buyers start preparing for the following school year.
In any event, it’s an interesting time when even the traditional real estate market (as opposed to REO and short sale) has less than five months of inventory currently available.
As always, the details from the various cities and towns in the Phoenix real estate market are below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
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