Phoenix Real Estate Inventory at a Glance

Phoenix Real Estate Inventory at a Glance

Since mid December 2009, there are 22,136 single-family detached homes for sale in the Phoenix real estate market. Of these, 43% of the active listings are distressed sales of some sort.

We currently have 3.91 months of inventory overall, 1.44 months of bank owned inventory, 5.07 months of short sale inventory and 5.88 months of “traditional” - non-bank owned, non-short sale inventory.

Last year at this time, there were 38,765 single family detached homes for sale in the Phoenix real estate market and 10.35 months of inventory. There were 8,669 bank owned properties on the market and just shy of five months of bank owned inventory.

Add another five thousand homes to the market to equalize the bank owned side of things compared to last year, and we’re still sitting at under five months of inventory overall - still half of where things were a year ago.

So what does all this mean?

Limited bank owned inventory has helped slow the market’s descent to some degree. The bank going forward, will be cautious with how they price their homes for sale, most likely AT market value (neither too high or too low).

Interest in the Phoenix market remains high despite what's happening in the economy (i.e. high unemployment rate for Phoenix's standards).

The combination of low prices, low interest rates, favorable exchange rates, and the homebuyer’s tax credit is keeping the market moving even during what traditionally is the slowest time of year.

There were 3,745 total sales from mid-November to mid-December last year. The year before that, there were 2,361.

Phoenix will be bound for a slow and steady recovery. However, the housing prices have reached bottom and most likely would not go any lower than it is now.