Inventory of single-family detached homes in the Phoenix real estate market is beginning to creep closer to the 40,000 mark. As of this morning there are 39,910 such homes for sale in Maricopa County, a net increase of 24o over last week’s update.
Sales increased as well – up to 2,865 in the preceding 30 days, an increase of 138 over last week’s update – which led to a decrease in the Valley’s absorption rate to 13.9 months. (For those who don’t read this post regularly, that means if no other homes were to come on the market, at the current sales pace it would take 13.9 months to clear out all of the current inventory.)
Five cities (roughly defined, since Sun City is an unincorporated area and not a city … but there’s no sense in splitting hairs) have absorption rates in single figures:
- Ahwatukee- 7.0 months
- Gilbert – 9.95 months
- Sun City – 9.14 months
- Surprise -9.80 months
- Tempe – 9.35 months
The absorption rates for both short sale and REO homes also decreased this week. Bank owned homes now are down to a 5.79-month supply (633 sales vs. current inventory of 3,673 homes) and short sales are at a 12.6-month supply (319 sales vs. 4,025 homes.)
As always, click on any of the below markers for the particulars from any given city or town. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
[tags]Phoenix real estate, absorption rate[/tags]