Phoenix Real Estate Inventory Update: August 5
Posted on August 5th, 2008 by Jonathan Dalton
Let’s put the declaration of the summer slowdown in the Phoenix real estate market on hold for a week …
Sales of single-family detached homes in Maricopa County over the past 30 days rose to 4,427, an inceased of nearly 600 homes from last week’s update. Inventory fell slightly, down 224 homes to 37,001. The result was an absorption rate of 8.34 months of inventory.
Supply of bank owned homes rose once again, this time to 5,529 homes - an increase of about 100 homes - but sales over the past 30 days rose by over 170 homes, dropping the absorption rate for REO homes to 3.51 months.
Queen Creek and Tolleson remain the two true sellers’ markets in the Phoenix real estate market, both with absorption rates of less than five months. Surprise and Ahwatukee also saw significant decreases and are in the area of neutral markets with absorption rates of 5.34 and 5.10 months, respectively.
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: August 5
| Sold | Active | Absorption | ||
| City | 7/5/08-8/4/08 | 8/5/08 | Rate | Change |
| Ahwatukee | 10 | 51 | 5.10 | -2.33 |
| Anthem | 74 | 446 | 6.03 | -0.84 |
| Avondale | 147 | 949 | 6.46 | -1.01 |
| Buckeye | 117 | 1,137 | 9.72 | -0.21 |
| Carefree | 5 | 108 | 21.60 | 2.60 |
| Cave Creek | 45 | 505 | 11.22 | -0.78 |
| Chandler | 295 | 1,851 | 6.27 | -0.93 |
| Desert Hills | 4 | 148 | 37.00 | -2.25 |
| El Mirage | 64 | 448 | 7.00 | -1.84 |
| Fountain Hills | 30 | 475 | 15.83 | -3.77 |
| Gilbert | 345 | 2,029 | 6.03 | -0.72 |
| Glendale | 263 | 2,106 | 8.01 | -1.31 |
| Goodyear | 140 | 877 | 6.26 | -1.18 |
| Laveen | 61 | 483 | 7.92 | -2.66 |
| Litchfield Park | 63 | 429 | 6.81 | -0.27 |
| Maricopa | 147 | 796 | 5.41 | -0.63 |
| Mesa | 409 | 3,248 | 7.94 | -1.15 |
| Paradise Valley | 15 | 451 | 30.07 | -7.43 |
| Peoria | 213 | 1,620 | 7.61 | -2.27 |
| Phoenix | 1,129 | 10,648 | 9.43 | -1.87 |
| Queen Creek | 354 | 1,675 | 4.73 | -0.51 |
| Scottsdale | 281 | 3,884 | 13.82 | -1.12 |
| Sun City | 65 | 491 | 7.55 | 3.03 |
| Sun City West | 35 | 410 | 11.71 | 1.69 |
| Surprise | 285 | 1,522 | 5.34 | -0.98 |
| Tempe | 86 | 542 | 6.30 | -0.20 |
| Tolleson | 94 | 456 | 4.85 | -2.07 |
| Waddell | 9 | 119 | 13.22 | -0.89 |
| Total | 3,838 | 37,225 | 9.70 | 0.80 |
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Wow that is some serious supply for Paradise Valley! Get your lowball offers ready on the $3.7MM spec jobs.
Been that way since I started tracking Paradise Valley, Donald. Small sample size leads to wide variations in the absorption rate, though.