This actually was setting up to be the perfect storm for virtually useless data. A new month beginning on a national holiday which would equal dozens of expired listings and a three-day weekend in which no transactions could close.
Except the data doesn’t appear to be dented too seriously. And so we move forward, albeit a tad more cautiously than normal.
Inventory of single family homes in the Phoenix real estate market fell by roughly 600 homes, which most likely is from the end-of-the-month expired effect. Some of these homes will return to the market in the coming days and weeks, others may not. History shows not every expired listing lives to come back again and especially so after Labor Day.
Closed sales over the preceding 30 days held at 4,434, a dozen higher than last week’s report. The overall result is a falling absorption rate now down to 8.19 months of inventory in Maricopa County and the greater Phoenix area.
Bank owned homes saw a slight increase in absorption rate but sales remain brisk at 3.32 months of inventory. My clients have done their part over the past week, purchasing a pair of bank owned homes – one in Fountain Hills and one on the Baseline Corridor in south Phoenix.
The full details for the Phoenix real estate market are below. And as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed:
[tags]Phoenix real estate, real estate absorption rate[/tags]