One day late but here we are …

Below is the usual weekly map of inventory in the Phoenix real estate market. This only includes single-family detached homes. Green markers indicate the cities in which the absorption rate dropped over the past week, red markers are the opposite.

As always, click on any of the below markers for information on a given city or town. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.

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If you ever have the chance to pick up Walter Isaacson’s biography of Albert Einstein, it’s worth the read. (So is his Benjamin Franklin: An American Life but that’s another story for another day.)

In the book, Isaacson briefly discusses Einstein’s theory of relativity. I won’t really attempt it myself since I’m just a lowly real estate agent, but the basic idea is that time is relative concept and isn’t absolute.

Likewise, list prices on short sale properties are relative depending on the perspective of those looking at the price …

• To the listing agent … the price represents probable market value (or more likely less), the price at which the home’s most likely to receive an offer.
• To buyers … the price represents a “deal”, a chance to buy a home at less than the current market value.
• To the bank … the list price represents absolutely nothing. The bank is owed more than the home is worth, more than the list price, and isn’t bound by any contract that comes through even at the incorrectly termed “full list price.”
• To the seller … the list price doesn’t mean a thing. They just want out.

Full list price isn’t the correct term because the assumption with a list price is that a “full” offer - an offer written for the listing price - will result in a sale. Surely the seller would accept such an offer, but the bank may not. In fact, it’s quite likely that they won’t.

The rare exception is the “bank approved short sale,” where either another offer was submitted and failed or a third-party short sale service submitted a package to the lender ahead of an actual offer and the lender provided a legitimate list price. These are rare.

Offering less than full price on a short sale or offering more than full price often have the exact same effect - none. Because the only number that matters is the one that the bank has in mind, if any, and more often than not they’re not telling anyone else.

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The map will have to wait until this afternoon since I have a marketing presentation scheduled to begin in 38 minutes in Sun City.

Last week I mentioned that this is the time of year when inventory soars - school nearly is at an end (as is my freedom for three months) and people are looking ahead to the fall and their next homes.

I even had a pretty chart that showed this phenomenon graphically.

With that as a backdrop, inventory fell again this week - this time by a net 100 homes and change. Sales increased slightly over a week ago to 3,326 over the preceding 30 days, leaving the Phoenix real estate market with an absorption rate of 12.10 months.

The most active markets continue to be dominated by cities and towns with a large number of bank-owned homes on the market:

• Queen Creek, 6.33 months
• Surprise, 6.71 months
• Sun City West, 7.14 months
• Ahwatukee, 7.63 months
• Sun City, 7.63 months
• Anthem, 7.79 months

Phoenix bank owned homes have an absorption rate of 5.1 months - 799 sales against 4,060 active listings. Phoenix short sales (at least those properly documented) are at 11.9 months with 378 sales against 4,496 active listings.

As I said, the full map will come later … I’m down to 33 minutes and counting.

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Now that you’ve found properties that match your criteria through our new Phoenix real estate listing search, it’s quite possible you’ll want to take a look at one or two of the homes on your list.

You always can reach us through the contact form on the right or via the phone. But for those in a hurry, who’d like to get something scheduled while it’s on the top of their mind, there’s a handy contact tab on each property’s main page.

Simply click on contact - the last tab, next to map and tools - contains a “Schedule a Showing” field with a calendar attached. Simply enter your desired date and time, hit submit and I’ll get you scheduled either with me or one of my buyers’ specialists.

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We’re playing a little bit of catch up on these as the last few days have been fairly fast and furious.

For more information or to schedule showing, call me or contact me through the shiny new contact form on the left. And as always all of the data is provided by the Arizona Regional MLS and is deemed reliably but not guaranteed.

• 2023 E. Balsam Avenue, Mesa
  • 2 bed, 1 bath, $79,900
  • RE/MAX Desert Showcase
• 12827 W. Young Street, Surprise
  • 3 bed, 2 bath, $99,900
  • Arizona Residential Realty
• 1122 W. Helena Drive, Phoenix
  • 3 bed, 2 bath, $102,900
  • Fieldstone Realty
• 8559 E. Edgewood Avenue, Mesa
  • 4 bed, 2 bath, $108,900
  • RE/MAX Alliance Group
• 4013 S. Filer Drive, Tempe
  • 4 bed, 2 bath, $119,900
  • Avalar Real Estate
• 1005 E. 7th Drive, Mesa
  • 4 bed, 1.75 bath, $130,000
  • Realty Executives
• 4749 E. Olney Avenue, Higley
  • 3 bed, 3.5 baths, $144,900
  • National Real Estate Network
• 14978 W. Morning Glory Court, Surprise
  • 3 bed,2 bath, pool, $149,900
  • RE/MAX Renaissance Realty
• 5432 W. Sunland Avenue, Laveen
  • 4 bed, 2 bath, $164,900
  • RE/MAX Desert Showcase
• 4620 N. 92nd Drive, Phoenix
  • 3 bed, 2 bath, $169,900
  • RE/MAX Renaissance Realty
• 3514 W. Detroit Street, Chandler
  • 3 bed, 1.75 bath, $174,900
  • Realty Executives
• 8153 W. Avalon Drive, Phoenix
  • 4 bed, 2 bath, $189,900
  • West USA Realty
• 2144 W. Escuda Lane, Phoenix
  • 4 bed, 2 bath, $214,900
  • IRS/International Realty Services
• 6747 W. McRae Way, Glendale
  • 3 bed, 2 bath, $254,999
  • The Lafayette Group
• 2024 W. Longhorn Drive, Chandler
  • 4 bed, 2.5 bath, $404,900
  • Keller Williams Legacy One Realty
• 28974 N. 122nd Drive, Peoria
  • 4 bed, 3.5 bath, $439,900

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