This is going to be another two-parter as I’ve get errands to run in the interim, but here’s the quick update …
Inventory remains flat with 38,357 single-family homes for sale in the Phoenix real estate market. Sales over the preceding 30 days increased to 3,698 for an absorption rate of 10.51 months.
Short sales, at least those entered correctly into the MLS, are running at about the same rate as the overall market – 453 sales against inventory of 4,652 listed homes for an absorption rate of 10.3 months.
The biggest movement continues to be in the bank owned arena, where the absorption rate now is down to 4.3 months. If no more REO homes hit the market, at current sales pace the current inventory would be cleared out in 4.3 months.
Of course, there are more and more REO homes hitting the market every day. But they are being absorbed by the market quickly as evidenced by the flat-to-lower inventory and the low absorption rate in the bank owned subset.
Bottom line – if you’re serious about buying and you see a bank owned home you want, make your best offer early and hope several others don’t follow you.
Full maps will come later today …
[tags]Phoenix real estate, absorption rate[/tags]