Phoenix Metro Real Estate Inventory Update

September 14, 2011 by lourie

I haven’t sent out this kind of an update in a couple of months, but I wanted to share these numbers with you because it goes to the fact that the Phoenix Metro Real Estate Market is fast moving out of the bottom…as of today there are only 19,225 Active Residential Listings vs. over 44,000 in April.  If you’ve received my earlier updates you know that we have been pushing steadily towards the “one month supply” of active inventory since then.

 A one month supply means that there are equal amounts of home available vs. those that are under contract/pending…right now there are 19,920 properties that are either pending (12,119) or under contract as a short sale awaiting Sellers’ lender approval (7,801).  Based on these figures, if inventories drop below 15,000, we would effectively turn the tables and become a Seller’s market, again.  That doe not mean that values will sky rocket…because too much of the inventory is still bank owned and short sales, but it does mean that selection is going to be very limited and those listings that are more traditional in nature become very sought after, especially if they are in exceptional condition.

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