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Phoenix Real Estate Inventory Update – April 28

Phoenix Real Estate Inventory Update – April 28

avatarthumbnail.jpgTake another 1,200 homes off the Phoenix real estate market.

As of a few minutes ago, there are 27,296 single family detached homes for sale in Maricopa County. With 5,943 closed sales the past 30 days, we’re looking at 4.59 months of inventory – down about a week from last week’s report.

In the bank owned arena, there are 5,155 active listings in the Phoenix real estate market and there were 4,035 closed sales the past 30 days. The result is 1.28 months of inventory, roughly five weeks’ worth.

The absorption rate for non-bank owned also fell to 11.60 months.

A handful of cities have slipped below three months of inventory led by El Mirage at an almost unthinkable 1.78 months (130 sales the past 30 days, 232 listings.)

As always, the details for the cities and towns in the Phoenix real estate market are listed 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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[tags]Phoenix real estate[/tags]

Comments

  • Michael Denis says:

    Who are the buyers for all the properties? From what I see the rents are not coming down much so I presume that it is not the people who were renting. Are they the same investors that drove up the prices and walked away and are now entering at pennies on the dollar with cash? Any ideas?

  • Some are first-time home buyers taking advantage of interest rates and the prices. In some areas, it’s less expensive (or roughly the same) to buy versus continuing to rent.

    There are investors coming in but presumably not the same ones who walked away en masse from the properties here. Investors in general aren’t a problem … it was the flippers who had no intention of holding the properties any length of time that were the bigger issue.

    Investors are serving a useful purpose right now in that they’re taking a lot of the really, really low priced homes on the market quickly.

  • Tyler says:

    Jonathan,

    Do you know where I can find historical Phoenix Metro housing inventory levels? By month would be ideal. I want to overlay it on a price chart I’m working on. ASU Real Estate Studies doesn’t publish it. I’ve done a good deal of searching but can’t turn it up. Any advice is appreciated!

    Thanks,
    Tyler