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Supply of homes remains low throughout most of the Valley

02 Feb

The Phoenix inventory of homes for sale has remained relatively low as of late. The overall months of supply for the entire market at the end of December was 3.6 months. Backing out short sale homes that are under contract and waiting on bank approval the  number drops to 3.0. Traditionally, 3 to 4 months supply is considered a balanced market. Meanwhile in Verrado there are 56 homes actively listed as of 2/2/12.  Many of these listings are homes that are yet to be built. Backing these out of the equation to get a more accurate figure brings the number to 44 homes. Over the past  6 months Verrado is averaging 15.5 sales per month. Based on the 44  homes that are either finished or under construction the current months of supply  is 2.8 months.  Already, in January of this year we saw 25 closings. If this trend continues, the supply of homes will continue to shrink.

If you have considered putting your home on the market, now might be a good time.  If your home is in the West Valley of Phoenix and you would like an idea of its worth I would be happy to help.

If you are looking to buy a home come prepared. If you are paying cash have proof of funds. If you are going to get a loan have a prequalification letter from a lender familiar with Arizona laws and practices. If you are looking in the West Valley I would be happy to help you with your search.

I can be contacted at ahayslett@dmbinc.com or 623-910-1733

Below is a list of the number of months of supply for various markets of Phoenix as of the end of December 2011.

*   East Valley: 2.5
*   NorthWest: 3.6
*   Paradise Valley: 8.8
*   Luxury ($1mil+): 16.4
*   Southwest: 2.7
*   Peoria/Glendale: 2.6
*   Camelback Corridor: 3.7
*   Cave Creek: 4.3
*   Ahwatukee: 2.9
*   Scottsdale: 5.7
*   Apache Junction: 3.3
*   Buckeye: 3.1

 

 

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