Here’s the full table for absorption rates across the Phoenix real estate market.
Only single-family detached homes are included in the mix for a number of reasons, primarily because comparing detached homes to townhouses or condos (euphemistically called “apartment style” in the MLS) is an apples-to-oranges kind of situation. And I don’t track the other categories because there’s too much subjectivity that goes into how a non-detached home is classified.
If it’s two stories up-and-down and attached it’s almost certainly a townhouse. But so is an end unit in a townhouse complex. If you have neighbors above and below this probably is an “apartment style” condo, but that’s not always how the homes are listed.
Lofts? Usually you need exposed ductwork and the like to be considered a loft (or to have “lofts” in the title) but there’s almost no difference between a loft and an apartment style condo outside the faux rough edges.
Don’t even get me started on patio homes and casitas (attached homes primarily found in active adult communities such as Westbrook Village that don’t have their own category.)
Here’s hoping the new MLS debuting in two weeks removes some of the subjectivity and uncertainty that goes with reviewing listings … but I’m not holding my breath.
As always, all of the below data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
[tags]Phoenix real estate, absorption rate[/tags]