Sales continued to slow over the preceding 30 days, dropping to just over 1,800 for the Phoenix real estate market. Given the 30-day period started a mere three days before Christmas, this isn’t much of a surprise. The trend’s little different than in past year though the level’s much lower.
Inventory continued to creep higher, this time by another 600-odd homes over the previous week. Combine that with slow sales and the Phoenix real estate market has an absorption rate of just over 20 months.
Next week’s update will be more reflective of what’s happening here in January, whether it’s more of the same or a change in the curve.
For those new to the blog and these numbers, the absorption rate is determined by dividing the number of sales over a given period into the active number of listings. In my case, I look at sales for the preceding 30 days on a weekly basis giving me roughly the amount of months it would take to sell current inventory if nothing new came onto the market.
Also, I only use data for single-family detached homes to keep comparisons as apples-to-apples as possible.
As always, click on any of the markers below for details on that city or town’s real estate market sales and inventory. 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[/tags]