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inventory: August Tempe Real Estate Market Update - 08/14/09 06:45 PM
Where have all the real estate deals gone?
There have been a couple of dramatic changes in the Phoenix real estate market in the last few weeks. First, the inventory in the Baseline corridor has disappeared. The number of available real estate deals in the corridor has dropped from approximately 15-20 homes to 3 homes over night!!
Our Keller Williams bank owned property specialist has informed me that in the bank owned arena, there have been significant changes. Our bank owned property specialist was previously listing 20 new properties per week but is now listing 2 new properties per … (0 comments)
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inventory: Real Estate Market Begins To Shift To a Seller’s Market - 05/01/09 12:17 PM
After a tumultuous two years, the real estate market is beginning to show signs of improvement. During the last three weeks, the Maricopa County absorption rate has steadily declined. The absorption rate is the ratio between active and solds: the time it would take at the current rate of sale for the inventory to be completely sold.
At present, the rate is down to an astonishing 5.5 - a few years ago, it wasn’t uncommon for a house in Arizona to sit on the market for 25-30 months. Anything under an absorption rate of 6 is considered a sellers market.
… (2 comments)
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inventory: The Calm Before the Storm - 04/10/09 02:03 PM
As those of you who have been following my blog know, one of the main statistical areas I have been tracking is the ratio between Active (for sale) and Closed (sold) properties on the MLS. I look at the whole MLS and also target Tempe as a sample of a local market.
At the end of March I noticed that many offers on properties below $150k were going very quickly and these properties frequently had multiple offers. Concerned by this trend I decided to check the MLS and noticed that the inventory was down to 50,200 active listings, 200 away … (2 comments)
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inventory: The Real Estate Market Continues to Recover - August 2008 - 08/16/08 03:07 AM
By The Numbers
Inventory (supply) down: For the fifth straight month, total inventory has dropped. We are still in the 50,000s and although this is still high, the trend is down.
Sales (demand) up: Closed sales for June are above 6,000 and are double what they were per month during the slump in 2007.
Forecast: Pending sales for August are still around 7,000, so it is safe to conclude that the downward trend will continue.
The absorption rate (time to clear out the current inventory) has dropped to 9 months from over 20 months in 2007.
The last time we saw … (0 comments)
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inventory: The Real Estate Market Continues to Recover - 07/18/08 02:55 PM
By The Numbers
Inventory (supply) down: For the fourth straight month, the total inventory has dropped. We are still in the 50,000's which is high but the trend is down.
Sales (demand) up: Closed sales for June are close to 6000 and double what they were per month during the slump in 2007.
Forecast: pending sales for July are above 7000, so it is safe to conclude that the trend will continue.
The inventory at the current absorption rate (time to clear out the current inventory) has dropped to 9 months from over 20 months in 2007. The last time we … (0 comments)
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inventory: The Window of Opportunity is Starting to Close- Don’t Miss Out - 06/20/08 01:17 PM
Good News Numbers
Sales for May are up 15% from April. Pendings (properties under contract and closing in the next 30 days) are up and the total inventory has dropped for the fourth month in a row. In fact, the numbers for May 2008 are almost exactly the same as they were in July of 2007, when there was a 10-month inventory of properties. This was just before the "perfect storm", when mortgage companies stopped lending under the old rules.
In Tempe there was a dramatic 50% increase in properties sold between April and May and the inventory is now at … (2 comments)
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Patrick Walsh, Realtor, CNE, Green - Tempe Arizona Real Estate
Tempe,
AZ
More about me…
Keller Williams Arizona Realty
Address: 3920 S Rural Rd Ste 100, Tempe, AZ, 85282
Office Phone: (480) 768-9333
Cell Phone: (602) 369-3224
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