November 1, 2012 as I compareÂ
information to a blog I did in October 2011, I note the Phoenix Metro
area has approximately 32,446in total inventory of which 15,393 (or 47%) are currently pending and
17,053 (53%) are active compared to 2011 when we had 38,819total listings with 50% (19,090) of those
pending and 50% (19,729) active.Â
In the under $100K
range the total amount of inventory is almost half of what it was a year ago
and the amount of pending transactions are exceeding the actives by 180% with
an absorption rate of 64%.Â
inventory continues to shrink away, more activity will be moving into the next
tier or price range which appears to be up slightly in both the $150-$200K and
$200-$300K range.Â As pricing continues
to trend upwards, sellers that have been sitting on the sidelines making their
payments and hanging in there will be able to sell their properties and upsize,
downsize or make a lateral move and that is good news for those folks!
in the $300-$400K range are up 143% from a year ago.
shrinking in all price ranges and based on the overall absorption of actives
listings, we currently have a 3.51 month supply.Â Obviously new listings are always showing up
on the market and are basically the same as a year ago too.
If youâ€™ve been
sitting on the sidelines, now may be a good time to make a Weiss move!