Phoenix Real Estate Market Update – #25

Last week I enjoyed the 24 Hours in the Old Pueblo mountain bike race with my team, “Are We Dead Yet?”.  My team is a 4-man team that finished a whopping 84 of 129 finishing teams, with 13 official laps. Unofficially, we completed 14 laps, but that would have only moved us up to 80th position, so it’s not really worth the bother to be “official”.  Personally, I rode 5 laps, for over 80 miles of racing, and I had an absolute blast of a good time, riding hard, fast, and fun!  With laps at 1:30am and 6:00am, along with the other 3 laps, I was exhausted when I got home Sunday night and missed the update, so here we are two weeks later.

Across all of Maricopa County, there are currently 35,414 single family homes for sale, down by 865 from 2 weeks ago. There are 7335 sales currently pending, up by 2298 from 2 weeks ago. And 4275 homes closed escrow in the last 30 days, up by 349 from 2 weeks ago. As a result, broader Maricopa County now has 8.3 months of inventory, based on this week’s numbers.

As you can see, inventory is still plummeting from the first of the year, as the pending sales continue to rise. And as I predicted, closings are now outpacing earlier numbers, which has resulted in a drop in months of inventory by nearly a full month.  At this rate, by mid-spring Maricopa County could be in a balanced state by mid-spring.  Accordingly, the following is a breakdown of the 11 cities around Phoenix I’m following:

*All data comes via ARMLS, and is presumed to be reliable, but is not guaranteed. All numbers represent single family detached homes only. Condos, townhouses, timeshares, vacant land lots, and manufactured homes are not represented in these numbers. All sold properties were sold in the last 30 days.

The following trend indicators are relative to the previous week’s update:

Positive move upward Positive move downward

Negative move downward Negative move upward .

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