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Jonathan Dalton
ePro, SFR


Inventory in the Phoenix Market on the Rise

Inventory is on the rise again here in the Phoenix market after a sleepy start to the year. As of the moment there are 16,505 detached homes for sale across Maricopa County; we had fallen below 16,000 homes in late December, bringing a temporary pause to what had been a steady rise over the prior few months. Now the question is whether buyers are coming along for the ride, a question best answered at the end of February when the solds for that month are available. (For those less aware, solds are a lagging indicator in as much as what […]

“The Foreclosure Deals are Long Gone.”

Such was the lament in yesterday’s Arizona Republic, an article that gained national play through USA Today (Gannett News Service owns both.) More than 100,000 houses stood vacant across metro Phoenix barely three years ago — roughly one of every 10. Today, it’s more like one out of every 100. Where have all the empty houses gone? Abandoned properties pockmarked virtually every neighborhood in the region in 2010, when the housing crisis peaked. It’s true that abandoned homes are becoming harder to find. And as an agent, I now actually have to double-check a listing before taking a buyer there […]

Phoenix Real Estate Inventory Now Above 11,000

So when is the opportune moment here in the Phoenix real estate market? I think it depends largely on what you’re trying to accomplish. As of this morning, there are 11,108 detached homes for sale across Maricopa County. That’s a mere pittance when you consider the county is the size of New Jersey, but it’s also a 20% rise off this summer’s lows and also means we’re about where we started the year. That’s not normal, not at the end of August. Our market tends to slow beginning with the start of school, which was a couple of weeks ago, […]

Homes for Sale in Phoenix are Spiking Higher

Inventory of homes for sale in the Phoenix real estate market is spiking higher by the day right now, causing the current rabid sellers’ market to calm down ever so slightly. As of the moment, there are 10,324 single-family detached homes for sale in Maricopa County. That’s still about 1,000 less than what we had at the beginning of the year, but also up about 1,000 from the lows six or so weeks ago. Some important notes: It’s not shadow inventory; there only are 438 bank-owned homes active on the market. It’s not distressed inventory; there only are 408 short […]

Phoenix Market Update – July 2013

It’s human nature … nobody wants to believe the good times are going to end. The Roaring 20s, with an economy built almost entirely on credit? What could possible go wrong? Troy? Forget what Cassandra has to say and pass the wine. The Roman Empire? Too big to fail. The honeymoon phase of any marriage … well, okay, you get the drift by now. How about the Phoenix real estate market of the past year? Values have soared higher as inventory shriveled into the several thousands and buyers continued taking advantage of historically ludicrous low interest rates to purchase homes. […]

Phoenix Real Estate Market Report – June 2013

As usual, a little late but still worth taking a look. Oh, and there’s a special offer at the end of this bad boy so stick with it. Or scroll down. Whichever. Last month, there were 6,980 closed sales of single-family detached homes in Maricopa County as reported by the Arizona Regional MLS (data deemed reliable but not guaranteed, check your local listings for details.) This compares to 6,287 last year when there were higher inventory levels and 7,138 back in 2011. Of those 6,980: 505 … yes, only 505 … were bank owned homes (also called REOs or foreclosures) […]

Can the Phoenix Real Estate Market Recovery Sustain Itself?

There have been a pair of articles of note of late, spelling doom for the national real estate housing market. The first comes from SeekingAlpha, where the downturn in existing home sales as reported by NAR has the author believing the bull market of the past year-plus is going to stall. I’m hard pressed to disagree, if only because the double-digit appreciating we have seen here in the Phoenix real estate market cannot be sustained. At some point, inventory is going to climb as increasing numbers of home owners either take advantage of the equity recently built or find themselves above […]

Phoenix Real Estate By the Numbers – January 2013

Let’s take a look at the Phoenix real estate market by the numbers in January. And I promise, we’ll keep the lights on through the entire post. As of the moment, there are 11,025 detached homes for sale. As I said this weekend, that’s essentially the same level we’ve been at for the past couple of months. In January, according to the Arizona Regional MLS (add disclaimer of your choice here) … There were 4,247 closed sales, down roughly 10 percent from last January’s 4,682. Understandable, given the thinner inventory. Of those, 584 were sales of bank owned homes/foreclosures/REOs. Last […]

Quick Phoenix Real Estate Inventory Update

We’ll run through the January numbers on Monday but a couple of quick notes on the inventory … As of the moment, we’re at 11,092 single-family detached homes here in Maricopa County. That’s essentially the same number we’ve seen for the past couple of months, give or take a couple hundred. Also of interest, according to the folks at Ultimate New Homes, spec home inventory – new builds in some state of completion, ranging from framing to move in tomorrow, has risen by 40 percent or so to 978 units from 600 six months ago. Many spec homes come as […]

National View – Resales Drop as Inventory Falls

Came across this bit this morning off the NBC News Wires … Home resales fell in September as the stock of properties on the market fell, a reminder that America’s housing sector is a long way from a full recovery despite recent signs of improvement. The National Association of Realtors said on Friday that existing home sales dropped 1.7 percent last month to an seasonally adjusted annual rate of 4.75 million units. That matched the median forecast made by analysts in a Reuters poll. Nationwide, the median price for a home resale was $183,900 in September, up 11.3 percent from a year earlier […]

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