As hinted at earlier in the week, inventory in the Phoenix real estate market took a tumble this past week.
As of this writing there are 34,351 single family detached homes for sale in Maricopa County, down just over 700 from a week ago. That’s the lowest figure since March 2007 and just under 13 percent lower than the 39,406 on the market a year ago at this time.
There were 4,194 closed sales over the past 30 days, which is up about 170 from a week ago. Combine the two and we’ve got an absorption rate of 8.19 months, which is the lowest since mid-October.
On the bank owned side of things, there are 8,632 active listings (the fewest since the first week of December) and 2,848 sales for an absorption rate of 3.03 months.
As always, the following table shows you the details from the various cities and towns in the Phoenix real estate market. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=40] [tags]Phoenix real estate[/tags]