Another unexpected turn in the Phoenix real estate market this week …
Inventory for single family homes in Maricopa County climbed by nearly 200 homes to 36,834. At the same time, closed sales over the preceding 30 days rose by just under 120 home. The result is an absorption rate of 8.33 months, down .19 months from last week’s report.
Bank owned inventory continues to climb; as of this morning there are 6,128 bank owned homes listed in the Arizona Regional MLS, up about 230 from last week. Sales also are on the rise with 1,789 closed sales the past 30 days, up 50 from last week.
So, in summary … one out of every six homes in the Phoenix MLS is an REO property. And one out of every 2.5 sales (give or take) is a bank owned home.
Foreclosures may continue to rise but at this stage the market continues to show that it can absorb the bank owned inventory as it comes to the market. How long that will hold is anyone’s guess. But that dynamic has led to not only Queen Creek rating as a sellers’ market (a real estate market where the absorption rate is less than five months) but Anthem as well. Maricopa’s not far behind.
And in the larger give and take, economic events here in the states are opening wider the window of opportunity for Canadian buyers. The Canadian dollar has rallied in recent days and now is sitting at $1.04 USD according to the widget on the side, three cents better than a week or two back.
As always, below are the details for the various towns and cities that constitute the Phoenix real estate market. Also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.