Phoenix Real Estate Market Update – #32

Across all of Maricopa County, there are currently 22,790 single family homes for sale, down by 1531 from 2 weeks ago. There are 10,094 sales currently pending, down by 712 from a week ago. And 8073 homes closed escrow in the last 30 days, up by 700 from a week ago. As a result, broader Maricopa County now has 2.8 months of inventory, based on this week’s numbers.

Let’s both take a second and look at those numbers again, because if you are like me, the numbers must look unreal.  I know they look unreal to me.  Ok, digested them?  Or do you need another second or two?

A quick export to Excel, shows me that the median price paid for a single family home in Maricopa County was $130,000.  That’s higher than the median price of $120,000 quoted by Jeff Butera via Case-Schiller as part of the news report I was interviewed for.  The price discrepancy makes sense, if you believe we have entered a buyer’s market in which prices should be going up, coupled with the fact that even the most recent Case-Schiller number is from 2 months ago.

Now, let’s look at the 12 city by city breakdown.  As you look at these, notice the months of inventory for most of the cities.  Months of inventory hovering in the 2-3 months range indicating a STRONG buyer’s market.  I’m going to start monitoring the median price and see if it edges up over the next few months, as this supply imbalance indicates that it should.

*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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