Phoenix Real Estate Inventory Update - April 29, 2008
The map will have to wait until this afternoon since I have a marketing presentation scheduled to begin in 38 minutes in Sun City.
Last week I mentioned that this is the time of year when inventory soars - school nearly is at an end (as is my freedom for three months) and people are looking ahead to the fall and their next homes.
I even had a pretty chart that showed this phenomenon graphically.
With that as a backdrop, inventory fell again this week - this time by a net 100 homes and change. Sales increased slightly over a week ago to 3,326 over the preceding 30 days, leaving the Phoenix real estate market with an absorption rate of 12.10 months.
The most active markets continue to be dominated by cities and towns with a large number of bank-owned homes on the market:
- Queen Creek, 6.33 months
- Surprise, 6.71 months
- Sun City West, 7.14 months
- Ahwatukee, 7.63 months
- Sun City, 7.63 months
- Anthem, 7.79 months
Phoenix bank owned homes have an absorption rate of 5.1 months - 799 sales against 4,060 active listings. Phoenix short sales (at least those properly documented) are at 11.9 months with 378 sales against 4,496 active listings.
As I said, the full map will come later … I’m down to 33 minutes and counting.
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