Quick Phoenix Real Estate Inventory Update
Nothing here to do with April Fool’s Day, my dear readers. Couldn’t come up with anything sufficiently inspired that also wouldn’t run afoul of NAR’s Code of Ethics.
I’ll have the usual map up later on today after a few appointments but here are the highlights from the Phoenix real estate market:
- Inventory fell by just over 700 homes. Considering yesterday was the last day of the month, expirations would be the primary cause and they were - 546 single-family listings in Maricopa County expired yesterday.
- Sales over the past 30 days jumped to 3,072 - it’s the first time we’ve been across 3,000 for any of these rolling 30 day periods since August 27.
- Absorption rate overall for single family homes in the Phoenix Real Estate market is 12.8 months.
- Absorption rate for bank owned homes is now 5.4 months - 707 sales vs. 3,846 current listings. And for short sales it’s 11.5 months - 364 sales vs. 4,193 listings.
Also of note, REO and short sales accounted for just over a third of total sales, which is a bit smaller percentage than we’ve seen in recent weeks.
The overriding message, especially if you’re a seller … this is the high season. School nearly is out and folks are looking now for where they’re going to be at the end of the year. If you have been hemming and hawing about when to put your home on the market, and if you’re prepared to have your home in good condition and priced aggressively, now is the time to get it on the market.
The market’s still soft but it’s less soft than it will be in a few months’ time once school begins again.
Full maps and numbers later.
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