Monday, November 24, 2008

Current Real Estate Market Supply Phoenix AZ

Below are the stats for the past couple of weeks. It never ceases to amaze me why the newspapers and media can't tell this story. It is noteworthy considering what the state of affairs has been for the past couple of years. There are buyers out there and quite a few, we now need loans that make some sense for that consumer. We bail out the banks to get it moving and the bank hangs on to our money and does nothing perform as was the intention. Take a look at these stats supplied by Karl

Karl Stauffer's Weekly Market Update
Weekly Inventory Level Comparison
©2008 Karl Stauffer
As of Friday, November 14th, 2008

There was another 1% increase in inventory this week but a higher closing rate gave us a net result of 9 1/4 months of supply, an improvement over last week.

For the sake of comparison, let's go back one year to this same week in 2007. We had 47640 homes for sale compared to 45302 this year which means supply has stayed fairly constant and in fact has come down about 5%. Last year we had 2815 closes in the month previous compared to this years 4897, an improvement of almost 75%!

There was an inventory supply of 17 months, nearly double what it is today.

I feel that the long term trends show we are improving even though that is not what you read in the papers. We need to get the word out!!!!!

Give us some loans we can use and watch decrease this inventory that much more and put the real estate market where it needs to be to get to the starting gate.
Have a wonderful Thanksgiving

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