Phoenix Real Estate Inventory Update - December 2
Posted on December 2nd, 2008 by Jonathan Dalton
We’re two days into a new month so inventory of single-family detached homes in the Phoenix real estate market is down slightly. Inventory dropped by just under 500 homes while sales also fell off, but far more significantly - just under 600 homes less over the preceding 30 days than last week’s report.
The result is a substantially higher absorption rate - 11.08 months of inventory in Maricopa County. (Search all Homes for Sale in the Phoenix real estate market.)
Here’s a rarity - inventory of bank-owned homes dropped from last week, albeit slightly. There now are 8,829 bank owned homes for sale in Phoenix’s Arizona Regional MLS. Sales in the REO declined to 1,593 over the past 30 days from 1,836, leading to an absorption rate of 5.20. (Search all MLS-listed Bank Owned Homes in the Phoenix Real Estate market, listed by city.)
None of this is unexpected as the holidays are upon us. There’s interest to be certain - the number of folks registering for our free bank owned homes listings has been on the rise over the past couple of weeks. But shopping tends to involve iPods more than houses at this time of year.
As always, all the details from cities and towns around the Phoenix real estate market are listed on the table 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: December 2
| Sold | Active | Absorption | ||
| City | 11/2/08-12/2/08 | 12/2/08 | Rate | Change |
| Anthem | 45 | 342 | 7.60 | 1.62 |
| Avondale | 130 | 952 | 7.32 | 0.93 |
| Buckeye | 110 | 1,236 | 11.24 | 1.55 |
| Carefree | 8 | 134 | 16.75 | -4.92 |
| Cave Creek | 18 | 511 | 28.39 | 10.39 |
| Chandler | 210 | 1,749 | 8.33 | 0.98 |
| Desert Hills | 3 | 84 | 28.00 | 16.63 |
| El Mirage | 66 | 502 | 7.61 | 0.39 |
| Fountain Hills | 21 | 514 | 24.48 | 3.60 |
| Gilbert | 234 | 2,046 | 8.74 | 0.65 |
| Glendale | 231 | 2,140 | 9.26 | 0.52 |
| Goodyear | 97 | 980 | 10.10 | 2.15 |
| Laveen | 61 | 556 | 9.11 | 0.26 |
| Litchfield Park | 45 | 399 | 8.87 | 0.28 |
| Maricopa | 129 | 1,033 | 8.01 | 1.21 |
| Mesa | 346 | 3,333 | 9.63 | 1.13 |
| Paradise Valley | 13 | 515 | 39.62 | -0.69 |
| Peoria | 157 | 1,658 | 10.56 | 1.36 |
| Phoenix | 966 | 11,196 | 11.59 | 1.57 |
| Queen Creek | 289 | 1,781 | 6.16 | 0.58 |
| Scottsdale | 183 | 4,066 | 22.22 | 3.55 |
| Sun City | 39 | 546 | 14.00 | 4.19 |
| Sun City West | 37 | 550 | 14.86 | 1.96 |
| Surprise | 222 | 1,732 | 7.80 | 1.15 |
| Tempe | 51 | 528 | 10.35 | 0.87 |
| Tolleson | 76 | 500 | 6.58 | 0.01 |
| Waddell | 8 | 135 | 16.88 | -0.75 |
| Total | 3,477 | 38,518 | 11.08 | 1.39 |
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