Ya mon, I just got back from 8 days in Jamiaca!
time to update the Phoenix market for the new year and the title of our story is:
At this very second, we have 17,173 homes in active status on the market, down roughly 1000 in just a month, and down 1500 from a couple months ago. This is a startling change, as inventory had been climbing, and I was fully expecting to see it climb up to 22000 or 23000 by spring.
Sales held up strong in December, at 7091. This means the entire market has 2.4 months inventory for sale, when a balanced market has more like 4 to 5 months inventory. Supply remains very tight relative to demand, and that points to continued price increases.
For an independent look at this type of data, I suggest. housingtracker.net.
The second characteristic of our Phoenix market is declining foreclosures. December saw roughly 2100 NTR (notice of trustee sales) filed. This is a new low for the past six years, and portends a very dramatic slow down in bank foreclosures. The month saw 1500 actual foreclosures (trust deed sales) and 1700 foreclosure sales cancelled. So, we ended December with 1100 less homes in foreclosure than we started the month. For an independent look at the foreclosure data, the following chart from foreclosureradar.com may be helpful: