It’s probably safe to call the fall slowdown once for all, with inventory of single family detached homes in Maricopa County rising above 38,000 for the first time in months.
Sales over the preceding 30 days were off by more than 200 homes from last week’s report; this could be do in part to the rush to complete transactions where sellers were contributing to the buyers’ down payments ahead of the October 1 elimination of such programs.
Between the two, we now have an absorption rate of 8.67 months here in the Phoenix real estate market, up markedly from last week’s 8.13 months.
Bank owned inventory continues to swell – there are 7,201 REO properties on the market against sales of 1,770 over the past 30 days for an absorption rate of 4.07 months – about 10 days higher than last week’s figure.
Demand on the bank owned side remains high. One prospective buyer called on a listing in Laveen only to discover there already were 10 other offers. And this on a home without an air conditioner, an automatic $4,000 expense. Another new listing through my office, which I’ll discuss more tomorrow, already is seeing interest after just a couple of weeks.
These, of course, are the exceptions … but the basic reality remains that if a property is priced competitively, it will sell. End of story.
Below are the details for the various cities and towns in the Phoenix real estate market. As always, all the data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=21] [tags]Phoenix real estate[/tags]