As of today there are 57,797 homes for sale in Arizona. Of those there are 47,461 single family homes for sale in Arizona. From March 1, 2008 there have been 3,361 homes sold in Arizona. As of March 1, 2008 there were 2,824 single family homes sold in Arizona.
At this rate it would take 17.2 months to get rid of this supply of homes in Arizona. If we are talking single family homes, it would take 16.8 months to get rid of these homes.
Realistically, there will never be ZERO homes for sale in Arizona. There are always going to be home for sale. For what ever reason, people will want to buy or sell a home. To get to a more reasonable supply of homes to work with will not take as long as I mentioned above. We have been in this downturn since about August 2008, and I feel that our market has begun to correct itself. We can argue about the market until the end of time, however, I believe that we will have a stable market within a year here in Arizona.
I would like to know what things are like in your market. Please leave a comment with your market's statistics or your opinion on your market.
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Ulises,
Not sure how others measure....but we use absorption rate. Ours is 6.4 right now. Ideal would be around 6. So it's good. We have seen our prices adjust....but they needed too.
Linda Lipscomb, SOLD on Henderson County, TN. www.lindalipscomb.com
Linda: How do you figure the absorbtion rate? Is that basically a pecentage of homes sold vs. whats for sale? Anywho, it looks like your market is lingering near where you want it.
Ulises:
Good post. Thanks for the market update. I lived in Arizona most of my life. Left for Vegas just before the boom there. We are now in Austin and the market place is doing very well. We never saw the inflated prices here that most of the nation saw. Did see a slow this past winterr but things are off again at a fast pace as we enter spring.
Alan: Well I am glad to hear that a market is doing good. I only hear about how bad it is, and I must say I am quite tired of the "woe is me" mindset. Good luck, and happy hunting.
Ulises - Here is a link to how absorption rate is calculated http://activerain.com/blogsview/273406/Appraisals-and-Absorption-Rate
David: Thank you.