Nov. 4, 2006 - Quick notes on a Saturday ... |
After wading through nearly 100 expired listings in Glendale, Peoria and Surprise on Wednesday and Thursday I decided to check the absorption rate figures for single-family homes in Maricopa County. On Monday there was a 9-plus month supply of homes. By last night that figure had dropped to 7.65, a fairly decent drop.
The main reason for the decline is almost certainly the listings that expired earlier this week; there were around 1,000 fewer homes on the market last night than Monday. Still, the statistics I've tracked have crossed other first days of the months and there has yet to be as large a drop in the inventory. More significantly, the entire point of tracking the absorption rate is to place current housing inventory levels into some sort of perspective. And looking at this way, it really doesn't matter what caused the decline in inventory. It only matters that the inventory is down.
Will it rise to previous levels? Maybe, maybe not. With the holidays coming up it's fairly common to see properties taken off the market. In fact, the last listing I took included language that specifies the home will be off the market from December 18 through January 2. But even if it's a one- or two-week anomaly, any signs of shrinking inventory can only be positive.
In two other notes from other blogs ...
My wife will be happy to learn I'm not a curmudgeon after all, at least by Pat's definition at Transparent Real Estate.
And lastly, Russell Shaw has entered the Phoenix Arizona blogging arena on Voldemort's blog. When someone sells as many homes as Russell has over the past couple of decades, it's always interesting to see what he might have to say.
(c) Jonathan Dalton, 2006 / Jonathan Dalton's Arizona Homes |
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