2009 brought a considerably smaller drop in the Phoenix real estate market’s inventory due to expiring listings than I would have expected, based on past years – only about 1,700 single family homes.
As of this morning, there are 36,684 single family detached homes in Maricopa County listed in the Arizona Regional MLS. Sales for the month of December were 4,289, for an absorption rate of 8.55 months of inventory.
For sake of comparison, there were 2,389 closed sales in December of last year.
Bank owned inventory’s approaching the 10,000 mark and should exceed that level within the next few days. As of this morning there are 9,962 active REO listings in ARMLS with closed sales of 2,369 in the month of December for an absorption rate of 4.21 months.
As always, details from the various cities and towns in the Phoenix real estate market are below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=31] [tags]Phoenix real estate, absorption rate[/tags]