With this report, we’ve now been providing the absorption rate figures for the Phoenix real estate market weekly (with a couple of exceptions) for the past three years running. What started with a need for an anchor – a consistent post in my blogging infancy – quickly became an opportunity to identify changes in the market before many others had taken notice.
Up down and sideways, it’s been an interesting ride.
This week, inventory of single family detached homes in the Phoenix real estate market is up by 20 homes (20,330). Bank owned listings decreased by 39 (3,229), short sales are up by 24 (5,266) and non-bank owned, non-short sale listings are 35 higher than a week ago (11,8350.)
Overall sales in Maricopa County over the past 30 days increased by 10 compared to a week ago (6,570). Bank owned sales were down by 111 (3,649), closed short sales increased by 51 (978) and non-bank owned, non-short sale closed sales were up by 70 to 1,942.
There’s currently 3.09 months of inventory overall in the Phoenix market, the same as in last week’s report. Bank owned inventory is up slightly at 0.88 months, short sales are down by a full week to 5.38 months and non-bank owned, non-short sale inventory sits at 6.09 months, down nearly a full week.
What is most intriguing is the pick up in the short sale market; perhaps some lenders are becoming more realisting and realizing they stand to lose more on a short sale than on a foreclosure. All the numbers have said that for some time.
As always, all the details from the different cities and towns in the Phoenix real estate market are on the chart below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
[tags]Phoenix real estate[/tags]