As mentioned yesterday, inventory in the Phoenix real estate market is up ever so slightly from a week ago. We’re now staring at 20,043 single family detached homes on the market in Maricopa County. With sales over the past 30 days down to 6,687 the absorption rate sits at 3.00 months of inventory.
Inventory rates are up across the board.
There were 3,529 closed bank owned sales the past 30 ays and 3,188 active listings for an absorption rate of 0.90 months. Short sales sit at 5,307 active listings and 1,133 closed sales for an absorption rate of 4.68 months.
And non-bank owned, non-short sale listings are at 11,458 against 2,205 closed sales for an absporption rate of 5.70 months.
What does this mean to you, the typical home buyer? Honestly, not a whole hell of a lot. Inventory in bank owned homes may be up but if you’re searching for properties under $150,000 (and realistically under $200,000) you’re going to have a lot of competition.
Non-bank owned homes may have a higher level of inventory but if they’re priced well they are moving as quickly as the REOs. A market is developing for investors willing to slug it out to purchase a bank owned home, fix it up, and put it back on the market. This does FHA buyers no good – there’s a 90-day freezeout on FHA financing between sales – but it’s helping many first-time buyers with conventional financing in place.
As always, all 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.[table=60] [tags]Phoenix real estate[/tags]