We’re done as far as closings with Friday being the last business day of the month. Here’s where things stand as of the moment here in the Phoenix real estate market:
- Single-family detached homes in Maricopa County are now down to 13,310. I’m still calling the bottom here at 12,750; we’ll see what happens on Monday after the end-of-July listing expirations.
- Least expensive home on the market is $5,500; most expensive is $22,000,000 (see below).
- 6,121 closed sales of single-family detached homes in July (down from 7,955 last month.)
- Another 5,767 non-short sale listings are pending close of escrow.
Despite the drop in inventory, the drop in sales has raised our absorption rate – the number of months of inventory on the market – to just over two months from the six weeks or so we had at the end of June. Of course, that may not mean much to the buyers who are watching homes in the sub-$200k, non-retirement market disappear out from under them in a matter of days.
As seems to be more and more common, the main issues we’re looking at in the real estate market have little to do with real estate. All eyes are on Washington as we wait to see if our elected leaders can stop posturing along party lines long enough to compromise.
We’ll know soon enough.
5800 E Foothill Drive, Unit North, Paradise Valley, AZ 85253 (MLS # 4272159)
(all data current as of 7/30/2011)
| $22,000,000 |
| 8 |
| 12.00 baths |
| 12,860 sq ft |
| 1,746,183 sq ft |
| 655 |
FORTY ACRE fabulous very private estate high on Mummy Mtn! Rare opportunity & tremendous buy! Enter thru electronic gates to a dramatic long drive past specimen landscaping,28 tree citrus grove & panoramic city & mtn views to an extraordinary 13,000 s.f. estate on large FLAT front & rear grounds. The home boasts 18 ft. high ceilings,floor-to-ceiling windows, telescoping doors, a 55 ft. gamerm w/its owncomplete kitchen,a lavish theatre, a dining rm with floor-to-ceiling mahogany wall,2 family rms, 7 bdrms,12 baths, wide elegant hallways, library,craft rm,exercise rm, & extensive patios. Grounds have magnificent plantings, lrg circular pool,rolling lawns,mini golf course,picnic area w/barbeque & mountain waterfall. The property also has been recently platted & recorded for 6 lots!
Property Type(s): Single Family - Detached, Residential
| 6/27/2011 | TractMummy Mountain Norte |
| 1999 | Communityn/a |
| n/a | CountyMaricopa |
| n/a |
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