Metro Phoenix AZ -- Trend in Total Real Estate Inventory (Oct '13)
Courtesy of the Arizona Regional Multiple Listing Service (ARMLS), is a chart that illustrates the trend in total real estate inventory in Metro Phoenix Arizona. (Updated with data for October 2013)
Chart Courtesy Arizona Regional Multiple Listing Service (ARMLS® 2013)
As of the end of October, 2013 the Total Inventory is up 15.3% year-over-year, and up 11.9% month-over-month.
My observations: after a persistent decline in Total Inventory (which coincided with a rebound in the local real estate market), the inventory levels have been moving higher. While it is too early to know if this trend will continue over a longer-term timeframe, it is certainly worth monitoring -- given the recent movements in interest rates.
It can also provide Home Buyers, who were shut out of the market (by investors and other cash buyers), with a second opportunity to obtain a home.
I will update this data on a monthly basis, as it is received from ARMLS®.
Metro Phoenix AZ -- Trend in Total Real Estate Inventory (Oct '13)
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