In the category of “it’s easier to predict the weather in Colorado Springs”, inventory here in the Phoenix real estate market has tailed off, and not just because of the inevitable expiration of listings on the final day of the month.
Yesterday, there was a hair over 16,000 detached homes for sale across Maricopa County; this morning, the number sits at 15,924.
This is, for me, a bit of a surprise though it does indicate perhaps sellers have realized there are better market conditions than these in which to sell your home, between the heretofore climbing inventory and the holiday season that is upon us.
Sales for the month of November were, in a word, sluggish. Per the Arizona Regional MLS, there were 3,780 closed sales in November compared to 5,037 last November. In fact, I need to go back to 2008 to find a November with fewer closed sales.
(Seems to be a pattern there, eh? We said the same thing in September and October, too.)
Taking into account sales and inventory and the Phoenix real estate market has (gulp) 4.21 months of inventory. In other words, if nothing else came onto the market, at the current sales pace it would take 4.21 months for everything to sell.
That’s a good thing for buyers, at least those who can shake off the turkey buzz and pull themselves away from the mall to look for a new home. For sellers? Not so much.
Keep in mind, much of this is seasonal … we should have a better idea what the market looks like after the first of the year.
Until then, stay tuned.