Phoenix MLS inventory reaches a new high and breaks the 55,000 mark. According to M:
Total number of properties found: 55,063
And apparently still growing.
 |
Whether purchasing or refinancing a home, we'll offer you sound and unbiased information.
Get national and regional topics like California's refinance market,
and calculators to evaluate your own mortgage.
|
Don’t forget around 20,000 new builds in inventory. Seems like every local news article that pops up nowadays estimates about that amount, despite plenty of time for attrition to have whittled that number down. I guess supply in that market is still outpacing demand, despite incentives.
Although, it’s probably not fair to tack on 20,000 to the ARMLS number; I notice more and more of those specs are starting to be listed by motivated builders.
Stuffiingmonkey-
There are more builder specs, but I don’t think there are enough to skew the MLS numbers much. For one thing, the builders tend to do one listing per model instead of listings individual homes.
Who cares about the current new home inventory. Its the thousands and thousands of graded lots with sidewalks, streets and city water completed that are a big problem. If existing builders don’t build on them, they will be sold on the cheap and new builders will build much less expensive units further depreciating the resale and new home inventory. If you add those lots to existing inventory, you can see it will take years and years to work out of this.
We can look back now and see when the peak of ARMs were taken out and when the peak of sales were closed.
Anyone want to look into the future and take a stab at:
1 - when
2 - how many
will represent the peak of ARMLS listings.
If you came to that conclusion by any particular reasoning, that might be worth sharing as well.
SteveC-
You’re correct- the 55,000 doesn’t begin to tell the whole picture. There’s also all the spec inventory- an illusive number, but I believe it to be in the 10s of thousands, not thousands. Then there’s all the FSBOs- those are up as more folks have no room to pay an agent. In addition is the rental inventory- a lot of rental homes are owned by folks who plan to sell in the next year or so when the market is “recovered.” We don’t how long many of them will continue to remain cash negative with their rentals.
Years and years is right.