I started tracking inventory and sales April 21, 2006 in Gilbert, AZ, a Phoenix suburb in the East Valley. On that day ZipRealty showed that there were 2296 homes for sale (not including FSBOs) in Gilbert. Adding the number of sales in the four principal zip codes of Gilbert (info from Arizona Republic website) the sales that week totaled 171, for a ratio of 13.4 to one. That would be slightly more than a four month supply.
As of June 2, 2006, ZipRealty reports 2565 homes for sale, sales numbers from the AZ Republic today indicate a total of 99 homes sold in the last reported week. This would be a ratio of 25.9 to one, or a six and a half month supply.
It would be expected that the sales numbers would be up in the summer months, but although there has been week to week variation, they seem to be holding steady or showing a slight decline.
In addition, this is the first week since I have been monitoring the Gilbert sales that all four principal zip codes showed a decline in prices from the previous four week average. The drop ranged from $7,000 for 85233, to $24,500 for 85296.
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