Time is short so we’re going to stick to the highlights this week …
Overall inventory of single family detached homes in the Phoenix real estate market fell again this week, this time by 500 homes to 21,821. There were 7,095 closed sales the past 30 days for an absorption rate of 3.08 months of inventory.
Bank owned inventory was down again and now sits at 3,338. With 4,457 closed sales, the absorption rate for REO properties is at .75 months. Inventory of short sales also has fallen and now is at 5,557 homes. There were 819 closed sales the past 3o days, leaving us with 6.79 months of inventory.
Lastly, the number of non-bank owned, non-short sales on the market declined by about 200 homes. We had 1,819 such sales for an absorption rate of 7.11 months.
Can non-bank owned homes compete in this market? Absolutely, if they are priced right. This afternoon I saw an absolutely stunning home in Rovey Farms, north and east of University of Phoenix Stadium. If it lasts on the market more than two weeks I will be shocked. Model perfect, well priced and move-in ready.
As always, the below table has all the particulars for the various cities and towns in the Phoenix real estate market. Also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=51] [tags]Phoenix real estate[/tags]