ALL PHOENIX REAL ESTATE

Posted on November 18th, 2008 by Jonathan Dalton

I’m running a bit low on creative commentary at the moment, so forgive me.

Inventory of single family homes in the Phoenix real estate market is up slightly over last week to 38,800 homes. Bank owned inventory in Maricopa County now is up to 8,000 active listings.

Sales are down slightly in both the non-REO and the bank owned arena. There were 3,740 closed sales over the past 30 days overall for an absorption rate of 10.37 months, and a total of 1,689 closed REO purchased over the past 30 days for an absorption rate of 4.47 months.

Expect to see sales numbers continue to decline over the next six weeks - can it really be mid-November already? - before most likely picking up after the first of the year.

Marked Improvement Year-Over-Year

For those interested in year-over-year comparison … as on November 20 of last year, there were 40,664 active single-family detached homes in the Phoenix real estate market. Sales for the 30 days ending last November 20 came in at 2,314 for an absorption rate of 17.57 months.

(I wasn’t tracking bank owned homes at the time so I can’t give you last year’s figures in that arena.)

The market’s absolutely down from a pricing standpoint but is considerably more active in terms of closed sales.

Below are the facts and figures from most of the cities and towns in Maricopa County. As always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.

Phoenix Real Estate Inventory: November 18

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Categories: Phoenix Inventory, Phoenix Market