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Phoenix Real Estate Inventory Soars Past 10,000

As predicted here two weeks ago, inventory of single family detached homes here in the Phoenix real estate market has moved past the 10,000 mark. As of this morning, there are 10,031 detached homes for sale in Maricopa County. Of these, only 657 are priced at $100,000 or less. Needless to say, it’s a different market than what we saw a year ago at this time. Looking for a home? Our Phoenix real estate property search will show you everything that’s in the MLS (except for those handful of properties agents have elected not to market electronically for whatever reason.) […]

Phoenix Real Estate Inventory 10K – It’s Coming

We check in on the Phoenix real estate market today to find 9,640 single family detached homes for sale in Maricopa County – that’s now a full 20 percent higher than the lows in the 7,200s we saw at the beginning of the summer. Of those, 871 are lender owned, 46 are HUD homes (foreclosures with FHA loans that defaulted back to the government) and 821 are short sales. There are 12,812 pending sales according to the Arizona Regional MLS – of these, 7,387 are short sales and another 607 are bank owned. Not hard to see what’s driving the […]

Why the Window to Sell Your Phoenix Real Estate is Closing

Quick note – if you prefer to get your news from the mainstream media who either are reporting on national trends or who are using data that’s a couple of months old, by all means, skip this post. This is more for those who want to know what’s happening right now, not the type of folks who are waiting for values to rise another 30 percent in the next three months because the 25 to 30 percent increase we saw this summer wasn’t enough. Snarky? Slightly. But there are moments in time when we all could use a figurative slap […]

Phoenix Home Values Dip Slightly in July

Turns out that the slight change in the mood of the market I’ve been discussing for the past few weeks translated into slightly lower home values. From the Arizona Republic yesterday: Metro Phoenix home prices continued to cool off in July, dropping about 1 percent from June but remaining almost 31 percent higher than they were a year ago, Arizona State University reported Thursday. With prices advancing through the spring, the leveling-off was expected, and it should not represent a turnaround in which residents once again will see their property values fall, said Mike Orr, director of the Center for Real Estate […]

Phoenix Real Estate Market at a Glance

Let’s take a look at where we are and where we were last month, shall we? Somebody cue Tevya in the green room, we’re going to need him. On the one hand, inventory continues to rise. As of the moment we’re approaching 8,700 detached homes for sale in Maricopa County, which is an increase of more than 20 percent off the lows we saw earlier in the summer. On the other hand, distressed inventory remains a rather small part of the total picture – short sales, foreclosures and HUD homes account for only 1,500 of the 8,700 homes for sale, […]

Two Quick Inventory Notes

First, courtesy of AZCentral’s Catherine Reagor (with a hat tip to Dean Ouellette at the Phoenix Real Estate Guy), it appears the so-called shadow inventory took a bit of a hit last week deep in the, um, shadows … Several buyers were interested in the Phoenix houses Fannie Mae was selling. Originally, 341 in the region were to be sold to one buyer, according to the federal government. The sale of the Fannie Mae foreclosure homes became apparent to data guru Tom Ruff of AZBidder on Wednesday night, when he tracked metro Phoenix’s REO inventory — homes taken back by […]

Phoenix Real Estate Inventory Rising Quickly

Remember those halcyon days when there only were 7,200 single family detached homes on the market? That period quickly is becoming a distant memory. As of this morning, there are 8,571 detached homes for sale in Maricopa County – roughly 18 percent more than at the lows of June and roughly 7 percent more than were available just over a month ago. Though this is August and school has started, inventory traditionally doesn’t rise in Phoenix until around Labor Day. With only 2,637 closed sales through the first 13 business days of the month, there is considerable work to be […]

Phoenix Real Estate Inventory is Ticking Higher

I had a dream last night. (Yes, I dream of MLS searches. What of it?) And in that dream, I pulled up the MLS and discovered there suddenly were more than 8,500 detached homes for sale in Maricopa County, a rather gargantuan leap in the span of a week. Fortunately – because it would be damn creepy otherwise – my subconscious was off by a bit, though the trend was correct. As of this moment, there are more than 8,200 detached homes for sale in the Valley – far from a significant amount of inventory, but decidedly more than the […]

Getting Caught Up With a Few Things

Switching brokerages brings with it a crush of activity … there are logos to upload and switch, brokerage names to redo on multiple websites, for sale signs and business cards to order and listings to transfer. (Time also has been spent exploring the brokerage back end website at Realty ONE which, frankly, is incredible. And I’m a tech guy.) So, it goes without saying, writing on the blog ended up taking a bit of a back seat. Another reason for the delay has been the business … Monday brought a new listing for an adorable single-level townhouse in central Phoenix […]

Phoenix Real Estate Inventory Reaches a Milestone

It’s been about six weeks in the making but here it is … For the first time since the early spring, there are more than 8,000 single family detached homes for sale in the Phoenix real estate market. What’s unexpected is the source – bank owned homes still make up less than 10 percent of the total market (there are 740 as of the moment) and distressed sales (REOs and short sales) only make up 18 percent of the market total. What we’re seeing are a combination of investor flips – homes generally purchased at the trustee’s sale for quarters […]