Arizona Home Talk

What is REALLY going on with Phoenix area real estate?  Here are the statistics as of 8/17/2009 -

• Properties For Sale in Phoenix-Metro area: 31,383 (it had been as high as 58,000 in ‘07/’08!)
• Lender Owned (foreclosures) for sale: 4,631
• Short Sales for sale: 7,364
• Properties under contract: 12,602 - 18,641 if you count those still in their inspection period.

ACTIVE (for sale) listings are down, SOLDS are up - that spells a correction in inventory level and a fairer supply vs. demand market.

Most telling is this chart that shows our extreme buyers market in 2007 with 13 months of inventory on hand: AKA lots of homes to choose from. Anything over 7 months is considered a buyer’s market.

According to this chart extracted from ARMLS database on 8/17/2009, the inventory has shrunken from 11 months in Jan ‘09 to only 4.23 months now in August ‘09! The buyer are out scooping up properties.

If you’d like more specific data to your city (or neighborhood) let me know and I’ll happily send that your way. - Becky Wyatt