Overall inventory crept up while bank inventory fell further in the Arizona Regional MLS this week.
There now are 19,801 single-family detached homes for sale in the Phoenix real estate market, from a 1-bedroom, 1-bath Phoenix house available for $10,000 to a 4-bedroom, 9-bath mansion on 5 gated acres for a mere $18,900,000 (reduced from the original list price of $23 million.)
Bank owned inventory in Maricopa County fell to just 2,800 units; there are 5,352 short sales and 11,649 non-bank owned, non-short sale homes for sale.
Closed sales over the past 30 days rose from last week’s report to a total of 6,137, giving the Phoenix market an absorption rate of 3.23 months of inventory. REO inventory still is at .90 months and non-short sale, non-bank owned inventory fell a week to 6.22 months.
Five cities and towns continue to have less than two months of inventory available, a figure which should rise as the market theoretically slows this fall. Then again, maybe the last-minute rush to take advantage of the $8,000 tax credit will keep things brisk until the November 30 deadline.
As always, details from the various cities and towns in Maricopa County are on the table below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=64] [tags]Phoenix real estate[/tags]