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Phoenix Real Estate Inventory Update – April 8

Phoenix Real Estate Inventory Update – April 8

Time keeps on ticking, ticking, ticking into the future … if you’re looking to take advantage of the homebuyer tax credit, NOW is the time to contact an agent (presumably me) as there are 22 shopping days left before it’s gone.

Inventory in the Phoenix real estate market remains relatively thin – 22,898 single family detached homes are for sale across the Valley. There were 6,374 closed sales over the past 30 days, meaning we have 3.59 months of homes available on the market at the current sales pace.

Bank owned homes continue to move swiftly – there were 2,523 closed sales over the past 30 days against 3,368 active sales for 1.33 months of inventory.

For the first time in a while, at least that I recall, non-bank owned and non-short sale homes are moving more briskly than the short sales. We’re at 5.03 months of inventory for non-distressed sales and 5.16 months for short sales, assuming everything recorded as closed really closed.

Recognition of the importance of short sales is key going forward. Lenders need to accept the reality that they stand to gain more accepting a short sale rather than forcing a foreclosure and need to work with listing agents. And listing agents need to surrender the stupid agent tricks such as the one I saw on an electronic flyer yesterday promoting a short-sale listing as $30,000 under the comps.

Unless the bank already has approved the price, the home isn’t really selling for $30,000 under comps. It’s a shell game, a bait and switch, and more and more buyers are starting to realize it.

As always, all the particulars from across the Valley are below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.

CITY SOLD 3/8-4/8/10 ACTIVE 4/8/10 Absorption Rate
Anthem 71 153 2.15
Avondale 178 367 2.06
Buckeye 242 613 2.53
Carefree 9 121 13.44
Cave Creek 53 348 6.57
Chandler 347 1,315 3.79
Desert Hills 3 13 4.33
El Mirage 88 188 2.14
Fountain Hills 63 335 5.32
Gilbert 453 1,407 3.11
Glendale 394 1,150 2.92
Goodyear 177 553 3.12
Laveen 172 376 2.19
Litchfield Park 70 173 2.47
Maricopa 204 634 3.11
Mesa 629 2,149 3.42
Paradise Valley 25 446 17.84
Peoria 286 1,056 3.69
Phoenix 1,700 5,572 3.28
Queen Creek 242 591 2.44
Scottsdale 415 2,896 6.98
Sun City 108 415 3.84
Sun City West 99 435 4.39
Surprise 375 1,071 2.86
Tempe 83 472 5.69
Tolleson 74 189 2.55
Waddell 27 87 3.22
Total 6,374 22,898 3.59
   REO 2,523 3,368 1.33
   Short sales 1,278 6,595 5.16
   Traditional 2,573 12,935 5.03

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