Maybe the report from two weeks ago was some sort of data hiccup borne of the transition from one MLS to another. In any event, the slowdown that seemed to be beginning at that point isn’t in evidence this week either.
Sales of single-family detached homes in Maricopa County were at 4,478 for the past 30 days, slightly higher than the 30-day rolling total from a week ago. And inventory in the Phoenix real estate market was down be literally a handful of homes, for an overall absorption rate of 8.26 months.
Bank owned homes continue to move at a brisk pace. Inventory of REO properties in Maricopa County actually fell slightly to 5,491 while there were 1,622 closed sales over the past 30 days. The result is a brisk absorption rate of 3.39 months.
There are three sellers’ markets in the Valley based on the most recent numbers – Queen Creek at 4.65 months of inventory and Tempe and Ahwatukee each at 5.00 months on the nose. The latter two cities are of note because neither is a hotbed of bank-owned sales. In fact, Tempe’s showing only 29 REO listings out of 540 homes for sale and only 12 of the 92 sales were of bank owned homes.
Below are the full numbers for the week, minus the typo from a week ago when I failed to update the previous week’s numbers. As always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
[tags]Phoenix real estate, absorption rate[/tags]