Today, October 20, 2011, as I compare information to the same blog I did in February 2010 at Phx Metro Inventory Update Feb 2010, I’m amazed at how much has changed since then. The Phoenix Metro area has approximately 38,819 total listings (inventory) of which 19,090 (or 50%) are currently pending and 19,727 (50%) are active compared to 2010 when we had 53,105 total listings with 34% (17,733) of those pending and 67% (35,372) active. Phx Metro Inventory Update 2011 Oct
In the under $100K range while the total amount of inventory is slightly lower than 2010, the 2011 pending transactions are exceeding the actives now by 54% and the absorption rate is 65%!
Inventory is shrinking in all price ranges and based on the overall absorption of actives listings, we currently have a 3.34 months supply. Obviously new listings are always showing up on the market but those are dropping as well.
If you’ve been sitting on the sidelines, now may be a good time to make a decision and make your move, especially with interest rates as historically low as they are now.
If you’re thinking of making a move, please give me a call at 480.273.7472 or contact me at StephanieWeissMoves.com