Inventory of single-family detached homes in the Phoenix real estate market declined yet again this week, down a net 97 homes from one week ago. Sales increased slightly over the past 30 days, with 4,115 closed sales within the Phoenix real estate market. Overall, we’re at 9.01 months of inventory, a slight drop from a week ago.
What I’m debating today is how much different the numbers would look if I didn’t limit the search in the Arizona Regional MLS to just Maricopa County.
Let’s take Queen Creek for example. The stats you see in the below table are accurate because I simply run data for Queen Creek as a whole. But only 482 of the 1,642 homes for sale are entered into the MLS as being in Maricopa County; the rest are in Pinal and do not appear in my Maricopa County totals. Same for the sales … only 72 of the sales are of properties listed in Maricopa County.
Add in the extra listings and sales from Queen Creek homes listed in Pinal County and we have active inventory of 38,221 and sales of 4,417 for an absorption rate of 8.6 months.
The same would happen for bank-owned homes. Overall we have an absorption rate on REO properties of 3.45 months – 4,416 active listings against 1,281 sales the past 30 days. Add in the Pinal County listings for Queen Creek and that rate drops to 3.25 months (1,417 sales and 4,613 active listings.)
Maricopa also can swing the numbers since, despite its name, it’s located in Pinal County and not in Maricopa County.
Should I make the change next week? After doing the report the same way for so long I’m not sure I want to disrupt the continuity by changing the data for Queen Creek and Maricopa to include Pinal County. All thoughts are welcome, however.
In the meantime, below are the inventory figures for 28 cities and towns across the Phoenix real estate market. As always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=5] [tags]Phoenix real estate, absorption rate[/tags]