Full numbers and the map will come later today after my stomach (hopefully) has recovered from a hellacious bout of food poisoning.
We now have a sellers’ market in the REO world – 4,054 active listings with 910 closed sales over the preceding 30 days adds up to an absorption rate of 4.45 months. Five to six months is considered balanced, anything under is a sellers’ market.
Aggressive pricing has been the key, giving credence to my earlier statement that the foreclosures are going to lead us to the bottom one sale at a time.
Overall, the Phoenix real estate market has a 10.87-month absorption rate. Net inventory fell by nearly 700 homes at a time of year inventory’s usually on the rise, and there were 3,535 closed sales over the past 30 days.
I still don’t think we’re at bottom but I think we’re getting closer day by day.
[tags]Phoenix real estate, bank owned homes[/tags]