Every now and then when looking at the data from the Phoenix real estate market, you find an answer searching for its question.
For instance, this week there are 300 fewer bank owned homes active in the Arizona Regional MLS than there were a week ago. The question is why.
We crossed months over the past week, a less significant factor for bank owneds than traditional sales because agents on traditional sales are more inclined to have an expiration date at the end of the month for purely arbitrary and aesthetic reasons. The numbers back this up – there only were 66 bank owned listings to expire over the past week in the Phoenix real estate market.
The next place to look is in the auction category to see if a wave of homes were placed under auction terms over the past week. But there are only about 150-odd auction listings active and only a couple have been added since last Tuesday, so that’s not it.
There’s one last place to check – pending sales, the one category I simply don’t track on a weekly basis because these are homes in limbo. They’re not active listings and they’re not closed sales. And pending listings can go either way. They generally can be helpful if you want to measure “openings” – the number of escrows opening in a given time frame – but have limited utility beyond that.
Still, those pending listings hold the key. Because over the past week, more than 1,100 bank owned homes in Phoenix have been changed from Active to Pending. Given the way the market has been the last several months these 1,100 if closed will represent a large portion of the total sales for the time period.
For me, I want to see the actual closings take place. But it does lend further credence to the notion that there is demand for homes in Phoenix, maybe demand only for a subset of the overall market, but demand nevertheless.
Overall, there are 36,232 single-family detached homes for sale in the Phoenix real estate market. Sales over the preceding 30 days were at 3,680 for an absorption rate of 9.85 months, down three weeks from last week’s report.
In the bank owned arena, there were 2,475 sales over the past 30 days with 9.737 currently active listings for an absorption rate of 3.93 months.
As always, details from the various cities and towns in the Phoenix real estate market are available on the below table. And also as always, all data is provided by the Arizona regional MLS and is deemed reliable not not guaranteed.
[tags]Phoenix real estate[/tags]