Inventory of single-family detached homes in Maricopa County essentially was flat (actually down 100 homes) from last week’s update while sales for the preceding 30 days inched closer to the 2,000 mark.
The absorption rate for the Phoenix real estate market – the number of months it would take to sell all of the current inventory at the current sales pace – dropped to 19.9 months.
I’ve talked before about the increased interest in bank-owned homes and the numbers bear that out. There currently are 3,056 lender-owned homes in the Arizona Regional MLS to go with 335 reported sales over the past 30 days, creating an absorption rate among REO properties of 9.1 months.
What about short sales? Glad you asked. There are 3,380 homes denoted as “lender/corp approval required.” Most of these are short sales, some are corporate relocations (and/or corporate REO properties.) Over the past 30 days, 169 of these homes sold. That would mean there’s a 22-month supply, but many of these homes will fall out of this category and become foreclosures as time moves forward without a sale.
Add the two categories together and 16% of the Phoenix real estate inventory consists of short sales or REO properties.
Back to the regular absorption rate. As always, click on any of the markers below to see the details for a given city or town. 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, REO homes, foreclosures[/tags]