Phoenix Real Estate Market Update:
Now that we’re nearing the end of summer (at least as far as school goes), I thought an updated Phoenix real estate market analysis would be helpful. Have I mentioned how much I love Michael Oor at ASU? Not this month? He makes numbers and statistics sound sexy. Oh, maybe that’s just the British accent…I digress. What is the Phoenix area real estate market doing?
We’re seeing a little bit of a summer lull (not at all uncommon with back to school). July sales were down compared to June by about 9% but they were up 16% over July of last year. The supply of homes for sale remains low with only 3 months of inventory on the market.
Traditional sales (not short sale or foreclosure) make up 93% of the sales with REO (foreclosures) and short sales accounting for 3.5% each. That sure is down from the *bottom* of the market several years ago where distressed properties accounted for maybe 75% of the market…I can’t remember the actual numbers but they were crazy high.
Slight changes in the inventory indicate possibly some more inventory in the $150K-$400K range which would offer some welcome relief for buyers in the lower end of the market.