Yes, today is February 11 but the numbers were compiled last night. As you’re reading this the family and I are on our way to Disneyland for the first time in three years for what purportedly will be a vacation. After three days in the park with two kids and a teen, I’ll need a vacation of my own.
There was a somewhat sharp drop in inventory over the past week which I believe is caused by yet another upcoming auction. This next one is scheduled for February 21 at the Arizona Biltmore and just over 300 homes have been thrown into the fray.
That matches fairly well with the drop of single family detached inventory in Maricopa County of 360 homes to 35,871. There were 3,725 closed sales over the past 30 days, up by about 40 from a week ago, for an absorption rate of 9.63 months.
In the bank owned arena, there are 9,315 homes listed in the Phoenix real estate market through the Arizona Regional MLS against 2,547 sales the past 30 days for an absorption rate of only 3.66 months. If nothing else came to the market (we’re talking theory, dear readers), all 9,315 bank owned homes would be sold in less than four months.
Even my own personal albatross in Mesa, which has been reduced by 35% and is only several tens of thousands below what could have been had months earlier. C’est la vie.
As always, the below table provides the details from the various cities and towns in the Phoenix real estate market. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
[tags]Phoenix real estate, absorption rate, bank owned homes[/tags]