Change may be today’s byword, but in the Phoenix real estate market there has not been a great deal of change over the past week.
Inventory of single family detached homes in Maricopa County fell by 140 homes, which likely is indicative of listings that expired at the first of November that are not coming back on the market until after the first of the year.
Sales over the preceding 30 days were off by about 60 homes, causing the absorption rate to rise to just under a 10-month supply of inventory.
Bank owned homes also haven’t changed their recent trend, rising again to 7,512, an increase of about 100 homes. Sales were slightly higher at 1,672 and the absorption rate among the REO set dropped slightly to 4.49 months of inventory.
With Bank of America and Chase both announcing their intent to freeze foreclosures for the next couple of months, it will be interesting to see what happens to the REO inventory figures. Logic says there will be a dent, but the reality is there are many, many other lenders out there even after the various acquisitions of the past year.
As always, all the details from the Phoenix real estate market are below. I’ve dropped Ahwatukee from the list because it doesn’t appear it has survived the converstion to the new Flexmls as a separate entity. Ahwatukee really is a neighborhood in Phoenix. And unlike Anthem, which also is in Phoenix, you can’t address things to Ahwatukee, AZ and expect them to be delivered. Essentially, it was an imaginary entity and it appears to be slowly fading away, at least in the MLS.
Also as always, all the below data is provided by the Arizona Regional MLS and is deemed reliable but is not guaranteed.
[tags]Phoenix real estate, absorption rate[/tags]