Wash, rinse, repeat.
Inventory rose by a net 200 homes from last week’s updates while sales of single-family homes in the Phoenix real estate market inched up ever so slightly over the 2,000 mark. Anecdotal evidence of a pickup – increased foot traffic in the new builds, increased phone calls and e-mails – has not yet translated into closed sales.
The most activity still is coming in the bank-owned arena. There are 3,193 REO homes in the MLS and 392 sold over the last 30 days for an absorption rate of just 8.1 months. Short sales, not surprisingly, are faring little better than the general market. There are 3,567 listed short sales in the MLS (and probably another 100 not properly documented per the Arizona Regional MLS’ rules) with only 183 sales for an absorption rate of 19.5.
Overall, Maricopa County is looking at a 19.6-month supply of single-family homes.
As always, click on any of the below markers for details about a given city or town. And also as always, all information is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
[tags]Phoenix real estate, absorption rate, Phoenix REO homes, bank owned homes[/tags]