Phoenix Real Estate Inventory Update - February 19
Posted on February 19th, 2008 by Jonathan Dalton
Wash, rinse, repeat.
Inventory rose by a net 200 homes from last week’s updates while sales of single-family homes in the Phoenix real estate market inched up ever so slightly over the 2,000 mark. Anecdotal evidence of a pickup - increased foot traffic in the new builds, increased phone calls and e-mails - has not yet translated into closed sales.
The most activity still is coming in the bank-owned arena. There are 3,193 REO homes in the MLS and 392 sold over the last 30 days for an absorption rate of just 8.1 months. Short sales, not surprisingly, are faring little better than the general market. There are 3,567 listed short sales in the MLS (and probably another 100 not properly documented per the Arizona Regional MLS’ rules) with only 183 sales for an absorption rate of 19.5.
Overall, Maricopa County is looking at a 19.6-month supply of single-family homes.
As always, click on any of the below markers for details about a given city or town. And also as always, all information is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
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“and probably another 100 not properly documented per the Arizona Regional MLS’ rules”
I wouldn’t be surprised if it was higher than 100.
Hi,
Great article! As a Canadian Investor looking to buy in Phoenix, I am looking for as much information on the market as I can get in a short time.
I was last there in Nov 2007 and am not all that familiar with the area.
If there are places you recommend buying and/or staying away from it would be most helpful.
Thanks,
Shane
P.S Excellent website and blog!
Thanks, Shane! Can’t really tell you where to buy or stay away from legally. Left you a phone message and an e-mail - let’s talk and we’ll see what I can find that matches.
[…] such area. Maricopa’s another. Buckeye a third. None of this should be a mystery. Check the weekly absorption rate map that I run and you can get a feel for where these are in relation to the rest of the […]