Posted on June 25th, 2007 by Jonathan Dalton

Here’s this week’s Phoenix Real Estate Market Inventory update …

Net properties rose by just shy of 300 homes while sales declined during this past 30-day rolling period, falling under the 3,900 mark. There may be a spike next week as many sales are timed to close at the end of the month, though I wouldn’t expect a sufficient enough spike to indicate a recovery of any sort.

Tempe remains the Phoenix area’s lone sellers’ market, though a decrease in the absorption rate in Sun City has inched that area closer to at least neutral if not an outright sellers’ market. Nearly extinct is the rare breed known as the full-price offer - while these still appeared from time to time, albeit with request for closing costs, even perfectly priced homes now are the subjects of lower-than-expected offers.

And with good reason, from a buyers’ perspective. Given leverage over an extended period for the first time in years, buyers’ are taking advantage while they can.

One other variable is the rise in interest rates, which is causing a slight sense of urgency on both sides of the market as sellers try to find buyers and buyers search for properties before they’re priced out by the interest rate.

Data provided by ARMLS. Data deemed reliable but not guaranteed

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Categories: Phoenix Inventory, General Real Estate