2011–The Year of Falling Phoenix Home Inventory

by Dru Bloomfield on January 11, 2012

2011 Real Estate Inventory

Look at this chart for a striking view of the amazing free fall of total home inventory in Phoenix during 2011.  The heavier line shows that from a high of 42,881 in January to a low of 24, 712 in December, housing inventory has dropped over 40%.

No wonder buyers are saying things like, “I never knew it’d be so hard to find a home.” Well-priced homes are attracting buyers, and in some cases, houses are going over list. Really.  One of my clients offered 15% over list on an entry-level townhouse. Multiple offers. And his bid was not accepted.

Lack of inventory will create an interesting environment. While the last time around, the lack of inventory created a buying and selling frenzy, driving home prices sky high, this time around, both buyers and sellers are taking more time to make decisions and not rushing into a sale.

To read the full report: ARMLS Stat Report – January 2012

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Scottsdale Real Estate Update: Home Appreciation Improving in Fits & Starts — At Home In Scottsdale | Scottsdale Real Estate and more
01.28.12 at 8:53 am

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Joshua Hill 01.11.12 at 11:25 am

Your last sentence here will be the key to a steady, sustainable recovery here in the Phoenix area, and I’m so glad you said it out loud! Rushing into a home sale is the last thing anyone should do, even when the inventory is this low.

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