Uh...Oh...we've got Red. Is it just a blip? Let's hope so!
This week, while we noticed a drop in inventory, our "months worth of inventory" has increased. How does this happen? Our sales numbers have fallen slightly, which means that even though we have fewer homes on the market than we have had, the rate at which they are selling has decreased which results in more days on market as well.While the Phoenix Real Estate market is currently experiencing a high inventory of homes for sale resulting in a buyer's market, our market is definitely now on a positive trend and appears to be correcting ever so slowly. With more buyer activity over the last three months, our market's inventory has continued to fall. The entire Arizona Regional MLS is now carrying less than a year's worth of inventory. We will be in a balanced market when we reach approximately 6 months worth of inventory.We currently have 10.1 months worth of inventory in Active Listings in MLS.(Up from 9.8 months last week.)Arizona Regional MLS Inventory Data(All dwelling types)54,024 | Active Listings | Down 196 from last week |
8,940 | Pending | Up 13 from last week |
5,350 | Sold in Past 30 Days | Down 156 from last week |
Sold dates range is 4/28/2008-5/28/2008 Total Listings as of 5/28/2008Information reliable but not guaranteed.The Southeast Valley currently has 8.7 months worth of inventory Active Listings in MLS.(Up from 8.6 months last week.)Southeast Valley* MLS Inventory Data(All dwelling types)18,712 | Active Listings | Down 133 from last week |
3,495 | Pending | Down 10 from last week |
2,162 | Sold in Past 30 Days | Down 22 from last week |
*Southeast Valley cities include Ahwatukee, Apache Junction, Chandler, Gilbert, Guadalupe, Mesa, Queen Creek, Scottsdale, Sun Lakes and Tempe Sold dates range is 4/28/2008-5/28/2008 Total Listings as of 5/28/2008Information reliable but not guaranteed.