How about we send you into your tryptophan coma with a Thanksgiving surprise? And blessedly not one involving fruitcake of any kind …
Inventory of single-family detached homes in the Phoenix real estate market rose by approximately 160 homes to 39,069. And now for the surprise – closed sales over the past 30 days rose to 4,033 from 3,740 the week before. This isn’t the time of year where we normally see any increase let alone a nearly 8% bump.
Bank owned inventory continues to rise, up another 300 to 8,321. (Search all MLS-listed bank owned homes in the Phoenix real estate market here.) Closed sales over the past 30 days rose by 150 to 1,836.
The net results? An absorption rate of 9.69 months for single family detached homes in Maricopa County as a whole and a 4.53-month absorption rate among REO properties.
As always, the below table details the markets in various cities, towns and areas in the greater 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=26] [tags]Phoenix real estate, bank owned homes, absorption rate[/tags]