Phoenix Real Estate Inventory Update - July 9
Posted on July 9th, 2009 by Jonathan Dalton
Let’s start with this nugget since it seems to be what some people are waiting for: bank owned inventory in the Phoenix real estate market ticked up this week for the second consecutive week.
Three weeks ago there were 3,157 bank owned homes on the market, last week it was 3,188 and as of this morning there are 3,289.
Sales of bank owned homes in Phoenix, though, remain brisk. We have seen 3,993 closed sales the past 30 days for an absorption rate of .82 months.
Overall, we’re below three months of inventory in the Phoenix market - 6,945 closed sales over the past 30 days against 20,370 active listings for an absorption rate of 2.93 months. For non-bank owned, non-short sale homes the absorption rate fell to just 6.03 months.
As always, the details from the various cities and towns in Maricopa County and below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
Phoenix Real Estate Inventory: July 9
| Sold | Active | Absorption | ||
| City | 6/9/2009-7/8/09 | 7/9/09 | Rate | Change |
| Anthem | 63 | 147 | 2.33 | -0.53 |
| Avondale | 267 | 365 | 1.37 | -0.08 |
| Buckeye | 268 | 594 | 2.22 | 0.02 |
| Carefree | 3 | 117 | 39.00 | -2.00 |
| Cave Creek | 51 | 365 | 7.16 | -0.91 |
| Chandler | 366 | 1,004 | 2.74 | -0.11 |
| Desert Hills | 4 | 40 | 10.00 | -1.75 |
| El Mirage | 133 | 153 | 1.15 | -0.17 |
| Fountain Hills | 49 | 323 | 6.59 | -0.29 |
| Gilbert | 414 | 1,164 | 2.81 | -0.19 |
| Glendale | 443 | 915 | 2.07 | -0.07 |
| Goodyear | 210 | 468 | 2.23 | -0.03 |
| Laveen | 148 | 311 | 2.10 | -0.01 |
| Litchfield Park | 94 | 166 | 1.77 | -0.51 |
| Maricopa | 273 | 420 | 1.54 | -0.19 |
| Mesa | 645 | 1,769 | 2.74 | 0.37 |
| Paradise Valley | 18 | 490 | 27.22 | -2.54 |
| Peoria | 297 | 824 | 2.77 | -0.02 |
| Phoenix | 2,071 | 5,146 | 2.48 | -0.18 |
| Queen Creek | 389 | 867 | 2.23 | -0.15 |
| Scottsdale | 414 | 2,906 | 7.02 | -0.96 |
| Sun City | 72 | 347 | 4.82 | -0.29 |
| Sun City West | 65 | 350 | 5.39 | -0.95 |
| Surprise | 373 | 812 | 2.18 | -0.19 |
| Tempe | 113 | 358 | 3.17 | -0.73 |
| Tolleson | 145 | 203 | 1.40 | -0.06 |
| Waddell | 22 | 80 | 3.64 | -01=.36 |
| Total | 6,945 | 20,370 | 2.93 | -0.23 |
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Those results are quite revealing, am impressed that you were able to collect and publish that data.
If I am seeing things right, I would say your market is humming.
I am looking at absorption rates of a Seller’s market. The lower prices and reasonable mortages are really moving things by you I would say.