Back on schedule with Tuesday market stats … my apologies for the scattered inventory posts the last few weeks.
Inventory of single family detached homes in the Phoenix real estate market fell ever so slightly, down 60 homes to 20,310. Closed sales over the past 30 days fell off to 6,560 for an absorption rate of 3.10 months.
Bank owned inventory in Maricopa County also is off slightly at 3,268 but a drop in sales the past days – down 233 to 3,760 – led to the absorption rate rising to .87 months of inventory. That’s the highest mark we’ve seen in a few months but still is ridiculously low.
Short sale inventory rose slightly to 5,242 and inventory sits at 5.65 months.
Non-bank owned, non-short sale homes is showing 6.30 months of inventory, up about a week from last week.
That’s where things are now … as for the future …
Sales should remain relatively strong at least until the end of August; once school begins across the Valley, sales start to fall off a bit. Then come the holidays and the market usually slows a bit more.
Banks are still being hyper-aggressive in their pricing though I’ve started to see some examples where the lender has pushed slightly above market price secure with the knowledge that multiple offers still will come. Whether the homes appraise is another issue, but such concerns are mitigated to some degree by the presence of cash buyers.
The $8,000 tax credit for first-time homebuyers combined with the low prices continue to have many folks questioning the rent they’re paying. Losing equity instantly is becoming less of a concern as the market stabilizes and even starts to rise in parts of the Valley.
As always, all of the details for the various cities and towns in Maricopa County are on the table below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=56] [tags]Phoenix real estate[/tags]