Phoenix Real Estate Inventory Update: July 1
Posted on July 1st, 2008 by Jonathan Dalton
Here are the city-by-city absorption rate figures for the Phoenix real estate market as of July 1. The change in the far right column is from two weeks ago - last week was spent enjoying the beach on a rare family vacation so the numbers were not run.
Queen Creek remains the fastest market in the Valley while other cities with high rates of foreclosed homes (and thus bank owned sales) also have comparatively low absorption rates.
As always, all of the below data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
Phoenix Real Estate Inventory: July 1
| Sold | Active | Absorption | ||
| City | 6/1/08-6/30/08 | 7/1/08 | Rate | Change |
| Ahwatukee | 9 | 52 | 5.78 | 1.62 |
| Anthem | 74 | 474 | 6.41 | 0.59 |
| Avondale | 145 | 943 | 6.50 | 0.50 |
| Buckeye | 82 | 1,122 | 13.68 | 0.72 |
| Carefree | 6 | 119 | 19.83 | -43.17 |
| Cave Creek | 35 | 529 | 15.11 | -8.09 |
| Chandler | 331 | 1,835 | 5.54 | -1.13 |
| Desert Hills | 9 | 159 | 17.67 | -35.33 |
| El Mirage | 64 | 430 | 6.72 | -1.30 |
| Fountain Hills | 26 | 513 | 19.73 | 3.36 |
| Gilbert | 330 | 2,099 | 6.36 | -0.20 |
| Glendale | 270 | 2,071 | 7.67 | -1.13 |
| Goodyear | 139 | 910 | 6.55 | -0.13 |
| Laveen | 68 | 487 | 7.16 | -1.20 |
| Litchfield Park | 47 | 450 | 9.57 | 0.18 |
| Maricopa | 154 | 795 | 5.16 | -0.59 |
| Mesa | 395 | 3,248 | 8.22 | -0.08 |
| Paradise Valley | 16 | 448 | 28.00 | -2.40 |
| Peoria | 181 | 1,626 | 8.98 | 0.72 |
| Phoenix | 1,055 | 10,324 | 9.79 | -1.19 |
| Queen Creek | 359 | 1,618 | 4.51 | 0.12 |
| Scottsdale | 322 | 3,952 | 12.27 | -0.85 |
| Sun City | 73 | 492 | 6.74 | -0.29 |
| Sun City West | 66 | 421 | 6.38 | 0.15 |
| Surprise | 285 | 1,543 | 5.41 | -0.78 |
| Tempe | 94 | 519 | 5.52 | 0.24 |
| Tolleson | 57 | 451 | 7.91 | 0.78 |
| Waddell | 7 | 121 | 17.29 | 3.95 |
| Total | 4,340 | 36,755 | 8.47 | -0.54 |
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2 isses I notice with this table
1. Calculating “Actives Homes” on the 1st of the month is not accurate, since most of them expire on the previous day and dont get relisted immediately.
2. Some of the numbers in the inventory list seem to be off. For example Chandler Actives should be 2131 and not 1835.
Hi, Shuss … it’s actives as of the day that I run the update, which generally is weekly (unless I’m at the beach.) This just happened to come at month’s end.
I don’t attempt to compensate for expirations because there’s no guarantee all those homes will come back on the market.
As for the inventory numbers, these are only single-family detached homes in the MLS. I don’t include townhouses or condos (or manufactureds/lofts, etc.) because those lead to apples-to-oranges comparisons. So all of the inventory numbers you see were accurate for single-family homes as of Tuesday morning.
I did have a typo for Buckeye’s absorption rate which I’ve since corrected.