After this morning’s REO preview, here’s the overall inventory update for the Phoenix real estate market as of this morning, May 20.

Inventory fell once again the past week, down another 100-plus homes to 38,217 single-family detached homes for sale in Maricopa County, marking the fifth consecutive week that inventory has fallen week over week.

Sales over the past 30 days increased to 3,829 to drop the absorption rate into single digits for the first time since last June at 9.98 months of inventory.

Queen Creek, Maricopa and Surprise remain the hottest markets in the Valley, mostly due to a high number of bank owned homes in those areas. The foreclosure wave is hitting as predicted but the homes are being absorbed at a fairly decent pace.

As always, click on any of the markers below for details from any particular city or town in the Phoenix real estate market. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.

Technorati Tags: Phoenix real estate, absorption rate

Popularity: 11% [?]

Share This

Tags: Phoenix Inventory, Phoenix Market by Jonathan Dalton
No Comments »

For the past two years I’ve said raw inventory numbers have little meaning unless filtered against the pace of sales. High inventory really isn’t all that high if it’s being absorbed at an accelerated rate.

Phoenix’s bank owned real estate market is proving that statement.

As of this morning there are 4,299 bank owned properties listed in the Arizona Regional MLS, which is a higher total than we’ve seen over the past few months. And as of this morning, there were 1,041 sales of REO properties recorded over the last 30 days.

The result? An absorption rate of 4.08 months - deep into the territory known as a sellers’ market. Put another way, one out of every nine homes in the MLS is an REO property. And one out of every three four sales over the past 30 days was a bank owned home.

Now … this isn’t to say all bank owned homes are selling quickly. I was reviewing some with a client last week and we were somewhat surprised to see there are many on the market that still are priced above current market values. Though such a strategy might work in a normal sellers’ market, it probably will be less successful in a sellers’ market being driven by prices driven lower by the banks.

Still, there’s less wiggle room to be had on bank owned homes whose list prices reflect the current market. Something to consider when making that offer …

Technorati Tags: Phoenix real estate, Phoenix bank owned homes

Popularity: 11% [?]

Share This

Tags: Phoenix Foreclosures, Phoenix Inventory, Phoenix Market by Jonathan Dalton
2 Comments »