Phoenix Real Estate Inventory Update - October 14
Posted on October 14th, 2008 by Jonathan Dalton
We’re seeing a bit of slowing in the Phoenix real estate market. Inventory rose by more than 500 homes to 37,775 while sales over the preceding 30 days came in at 4,644, about 130 less than last week’s report. As a result, the absorption rate for single family homes in Maricopa County is back on the north side of eight months at 8.13
Bank owned or REO inventory is nearing the 7,000 mark - up by nearly 300 homes to 6,921. Sales over the past 30 days are off slightly from last week’s report at 1,863 for an absorption rate of 3.71 months - still low, but higher than it’s been in quite a while.
Given the news of the past week it’s not much of a surprise that the market may be starting to slow, but it’s also that time of year. Things usually quiet down in October and remain quiet until January. Homes still are moving but they need to be perfectly priced to sell, especially with fewer buyers looking.
Below are the details from the various cities and towns that make up the Phoenix real estate market. As always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
Phoenix Real Estate Inventory: October 14
| Sold | Active | Absorption | ||
| City | 9/14/08-10/14/08 | 10/14/08 | Rate | Change |
| Ahwatukee | 5 | 26 | 5.20 | -1.80 |
| Anthem | 62 | 362 | 5.84 | 0.50 |
| Avondale | 215 | 949 | 4.41 | 0.07 |
| Buckeye | 132 | 1,172 | 8.88 | 1.05 |
| Carefree | 2 | 123 | 61.50 | 3.00 |
| Cave Creek | 36 | 503 | 13.97 | 2.09 |
| Chandler | 304 | 1,799 | 5.92 | 0.14 |
| Desert Hills | 2 | 106 | 53.00 | 16.00 |
| El Mirage | 85 | 487 | 5.73 | 0.38 |
| Fountain Hills | 25 | 491 | 19.64 | 0.28 |
| Gilbert | 349 | 2,012 | 5.77 | -0.04 |
| Glendale | 325 | 2,120 | 6.52 | 0.11 |
| Goodyear | 134 | 950 | 7.09 | 0.82 |
| Laveen | 92 | 511 | 5.55 | 0.04 |
| Litchfield Park | 48 | 404 | 8.42 | 0.07 |
| Maricopa | 163 | 876 | 5.37 | 0.21 |
| Mesa | 446 | 3,258 | 7.30 | 0.44 |
| Paradise Valley | 10 | 499 | 49.90 | 8.48 |
| Peoria | 208 | 1,642 | 7.89 | 0.64 |
| Phoenix | 1,231 | 11,111 | 9.03 | 0.28 |
| Queen Creek | 354 | 1,779 | 5.03 | 0.45 |
| Scottsdale | 227 | 3,939 | 17.35 | 0.70 |
| Sun City | 50 | 534 | 10.68 | 0.76 |
| Sun City West | 37 | 482 | 13.03 | 0.82 |
| Surprise | 285 | 1,636 | 5.74 | 0.22 |
| Tempe | 67 | 499 | 7.45 | 0.42 |
| Tolleson | 97 | 485 | 5.00 | 0.70 |
| Waddell | 11 | 138 | 12.55 | 0.88 |
| Total | 4,644 | 37,775 | 8.13 | 0.33 |
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Johnathon,
Don’t forget the elimination of the DPA’s (Down Payment Assistance programs). I think that has elimated by 1/2 the sales of homes 300K or under. I think that is a bigger factor than the normal slowdown we see and that REO inventory will continue to grow until that option, or something similar, becomes available again. DPA’s accounted for well over 1/2 of all FHA loans being closed in the Valley for the last 6 months.