Today, November 1, 2012 as I compare information to a blog I did in October 2011, I note the Phoenix Metro area has approximately 32,446 in total inventory of which 15,393 (or 47%) are currently pending and 17,053 (53%) are active compared to 2011 when we had 38,819 total listings with 50% (19,090) of those pending and 50% (19,729) active.
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%.
As this 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. 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!
Pending transactions in the $300-$400K range are up 143% from a year ago.
Inventory is shrinking in all price ranges and based on the overall absorption of actives listings, we currently have a 3.51 month supply. Obviously new listings are always showing up on the market and are basically the same as a year ago too.
If you’ve been sitting on the sidelines, now may be a good time to make a Weiss move!