Inventory of single-family detached homes in the Phoenix real estate market crept above the 40,000 mark for the first time since late November while sales moved slightly higher over the preceding 30 days.
As of this morning there are 40,068 single-family detached homes for sale in Maricopa County. There were 2,882 closed sales the past 30 days, giving the Phoenix market an absorption rate of 13.90 months, down slightly from last week.
Bank owned homes continue to move at a brisk pace – 676 sales over the past 30 days against 3,796 active listings for a 5.6-month absorption rate. (An absorption rate of 5 to 6 months is considered to be indicative of a balanced market.) Short sales slowed a bit – 4,154 active listings and 320 sales for a 13.0-month absorption rate.
Both El Mirage and Sun City West have dropped to a single-digit absorption rate while Ahwatukee has the quickest-moving market with a 6.60-month supply of homes.
As always, click on any of the below markers for details from that particular 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]