Phoenix Real Estate Inventory Update – June 30

avatarthumbnail.jpgAs Keith Jackson might put it, the Phoenix real estate market has a little hitch in its giddyup this week. Inventory continues to fall but sales also have dropped off for the month of June after extremely strong showings in April and May.

We have had 6,547 closed sales the past 30 days (not quite final June numbers since we won’t know what closed today until it appears in the system tomorrow) which is down about 500 from last week’s report. Inventory fell by just under 200 homes for an absorption rate of 3.17 months.

Bank owned sales over the past 30 days fell under the 4,000 mark to 3,904; inventory remains low at 3,188 but the drop in sales have given us a slight increase to .82 months of inventory.

For short sales, there are 5,249 active listings and 831 closed sales over the past 30 days for 6.32 months of inventory. And among non-bank owned, non-short sale homes, there are 12,304 active listings and 1,812 closed sales for 6.79 months of inventory.

As always, the particulars for the various cities and towns in the Phoenix real estate market are below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.

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[tags]Phoenix real estate[/tags]

About Jonathan

Jonathan Dalton is a 30-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

  • I have heard that some of your current slowing is from the new appraisal rules. I understand there is a form the appraiser has to fill out that causes the appraisals to come in low. An appraiser that I talked to said in the areas such as Arizona it is now nearly impossible to appraise out a house. There are factors like depreciation and extending out past market decline percentages that make it virtually impossible to meet the sales prices

  • Possible … it depends on which section of the Valley.

    Just closed on one about two weeks ago and the appraisal came in right on the nose. Had another this past week where the lender did a drive-by appraisal … buyer’s admittedly coming with some cash, but nevertheless.

    I’ve got one short sale which may run into appraisal issues but it’s not necessarily because of the new rules.