The Phoenix real estate market is picking up. And if you’re shopping for bank owned homes, you had best be serious from the start.
First, let’s take a look back to inventory last year. I often tell you that inventory picks up in the spring as people get their homes on the market in advance of the end of the school year. Last year was true to the trend:
- Febuary 5, 2007: 31,675
- February 12, 2007: 32,254
- February 19, 2007: 32,610
- February 26, 2007: 32,672
- March 5, 2007: 32,860
- March 12, 2007: 33,539
The history lesson is helpful because last week, the number of single family detached homes in Maricopa County essentially was flat from the week before. And this week it decreased by a net 272 homes.
It’s a minor drop – only 7/10 of one percent of the inventory – but it’s a drop at a time of year where drops don’t normally happen.
Sales over the preceding 30 days rose to 2,503 from 2,286 – that an increase of about 9 percent and an increase of close to 25% from two weeks ago’s 2,022 figure.
The two add up to a 15.74-month supply of homes, which still is more than we’d like to see but is far better than the 20-month supply from a couple of weeks back.
Short sales, despite my best warnings, also have seen an increase in sales – 264 closed short-sale listings over the last 30 days with 3,726 currently active for a 14.11-month supply.
Bank owned homes remain in demand – there were 530 closed sales of REO homes against a current inventory for a 6.4-month supply. Keep in mind a 5- to 6-month supply is considered a balanced market.
As always, click on any of the markers below to see the details for an of the cities or towns here in Maricopa County. And also as always, all the data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[tags]Phoenix real estate, absorption rate[/tags]