Phoenix Real Estate Inventory Update: May 28
Posted on May 28th, 2008 by Jonathan Dalton
We’re experimenting with tables today … if this doesn’t look good, we’ll go back to the maps. Just want to make sure everyone’s still paying attention.
Inventory continued to fall over the last week - we stand at just over 38,000 single-family detached homes for sale in Maricopa County. Sales in the Phoenix real estate market over the preceding 30 days edged higher to 3,984 for an absorption rate of 9.56 months.
Queen Creek remains the fasted moving market in the Phoenix area with an absorption rate of just 5.06 months; if no new inventory came to the market in Queen Creek, all of the homes currently for sale would be sold within five months at the current pace.
Tempe’s a close second this week with 5.41 months of inventory. When I first started tracking these numbers two years ago Tempe was the Valley’s last remaining sellers’ market, at least for single family detached homes. The reason? There’s no competition from new builds in Tempe. The city’s been built out for more than 20 years.
All of the below data is from the Arizona Regional MLS and is deemed reliable but not guaranteed. And if you prefer maps over the chart, or vice versa, let me know.
Phoenix Real Estate Inventory: May 28
| Active | Sold | Absorption | ||
|---|---|---|---|---|
| City | 5/28 | 4/28-5/28 | Rate | Change |
| Ahwatukee | 8 | 55 | 6.88 | 0.43 |
| Anthem | 75 | 514 | 6.85 | -0.88 |
| Avondale | 129 | 956 | 7.41 | -0.40 |
| Buckeye | 101 | 1109 | 10.98 | 0.41 |
| Carefree | 6 | 138 | 23.00 | 0.17 |
| Cave Creek | 29 | 588 | 20.28 | 2.98 |
| Chandler | 296 | 1976 | 6.68 | -0.32 |
| Desert Hills | 7 | 166 | 23.71 | -5.45 |
| El Mirage | 48 | 447 | 9.31 | -1.22 |
| Fountain Hills | 25 | 509 | 20.36 | -0.20 |
| Gilbert | 323 | 2283 | 7.07 | -0.44 |
| Glendale | 253 | 2100 | 8.30 | -0.66 |
| Goodyear | 133 | 956 | 7.19 | -0.50 |
| Laveen | 32 | 503 | 15.72 | -0.25 |
| Litchfield Park | 45 | 457 | 10.16 | 0.47 |
| Maricopa | 147 | 837 | 5.69 | -0.33 |
| Mesa | 388 | 3385 | 8.72 | -0.82 |
| Paradise Valley | 17 | 459 | 27.00 | 1.22 |
| Peoria | 200 | 1702 | 8.51 | -1.79 |
| Phoenix | 873 | 10289 | 11.79 | -0.13 |
| Queen Creek | 326 | 1651 | 5.06 | -0.71 |
| Scottsdale | 296 | 4126 | 13.94 | -0.48 |
| Sun City | 79 | 534 | 6.76 | -1.32 |
| Sun City West | 68 | 481 | 7.07 | -0.28 |
| Surprise | 269 | 1638 | 6.09 | 0.07 |
| Tempe | 92 | 498 | 5.41 | -1.27 |
| Tolleson | 59 | 432 | 7.32 | 0.83 |
| Waddell | 7 | 130 | 18.57 | -7.03 |
| TOTAL | 3984 | 38073 | 9.56 | -0.42 |
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