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Phoenix Real Estate Inventory Update: July 1

Here are the city-by-city absorption rate figures for the Phoenix real estate market as of July 1. The change in the far right column is from two weeks ago - last week was spent enjoying the beach on a rare family vacation so the numbers were not run.

Queen Creek remains the fastest market in the Valley while other cities with high rates of foreclosed homes (and thus bank owned sales) also have comparatively low absorption rates.

As always, all of the below data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.

Phoenix Real Estate Inventory: July 1

	Sold	Active	Absorption
City	6/1/08-6/30/08	7/1/08	Rate	Change
Ahwatukee	9	52	5.78	1.62
Anthem	74	474	6.41	0.59
Avondale	145	943	6.50	0.50
Buckeye	82	1,122	13.68	0.72
Carefree	6	119	19.83	-43.17
Cave Creek	35	529	15.11	-8.09
Chandler	331	1,835	5.54	-1.13
Desert Hills	9	159	17.67	-35.33
El Mirage	64	430	6.72	-1.30
Fountain Hills	26	513	19.73	3.36
Gilbert	330	2,099	6.36	-0.20
Glendale	270	2,071	7.67	-1.13
Goodyear	139	910	6.55	-0.13
Laveen	68	487	7.16	-1.20
Litchfield Park	47	450	9.57	0.18
Maricopa	154	795	5.16	-0.59
Mesa	395	3,248	8.22	-0.08
Paradise Valley	16	448	28.00	-2.40
Peoria	181	1,626	8.98	0.72
Phoenix	1,055	10,324	9.79	-1.19
Queen Creek	359	1,618	4.51	0.12
Scottsdale	322	3,952	12.27	-0.85
Sun City	73	492	6.74	-0.29
Sun City West	66	421	6.38	0.15
Surprise	285	1,543	5.41	-0.78
Tempe	94	519	5.52	0.24
Tolleson	57	451	7.91	0.78
Waddell	7	121	17.29	3.95
Total	4,340	36,755	8.47	-0.54

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Diverging Phoenix Real Estate Inventory

We’ll have to hold off on the full numbers until after I get escrow opened this morning (and sift through the changing paperwork to make sure I’ve got a complete contract in hand) but until then …

Overall inventory of single-family detached homes in Maricopa County dropped below the 37,000 mark today for the first time this year, due mostly to the expiration of nearly 1,000 listings last night at midnight.

Still, we stand at 36,755 homes for sale in the Phoenix real estate market. Filter that against 4,340 closed sales the past 30 days and you have an absorption rate of 8.46 months, the lowest it has been since April 2007.

Inventory on bank owned homes swelled to 4,901 but sales have kept pace - 1,394 closed sales over the past 30 days for an absorption rate of 3.5 months.

On a side note, I have one buyer purchasing a bank owned home at the moment. We had the inspection completed last Saturday and the summary report came back at just over two pages. That, dear readers, is about as close to clean as they come.

More figures later …

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