We’re seeing the last of the holiday season working it way through the Phoenix inventory numbers, as happens in most Januarys. A lack of sales in the month of December leads to a lack of closings come the following month.
As of this morning, there are 36,873 single-family detached homes for sale in the Phoenix real estate market, which is about 150 fewer homes than a week ago. Sales over the past 30 days were at 3,519 compared to 3,714 in last week’s report, causing the absorption rate to rise to 10.48 months.
In the bank owned arena (remembering last week’s decision to remove the 200-odd auction homes from the numbers beginning with that report), inventory dropped by 150 homes to 10,051. Sales were off by a dozen to 2,260 for an absorption rate of 4.45 months, slightly lower than last week.
It’s not difficult to see where the interest is in the current market – one out of every three homes on the market is bank owned yet two out of every three sales is an REO.
As always, the below table has all the details for 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.[table=35] [tags]Phoenix real estate, absorption rate, bank owned homes[/tags]