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May inventory level for the Phoenix market

I posted a few days ago about May's sales numbers.  The number of sales only tells part of the story when it comes to evaluating the market.  The amount of new inventory and the overall inventory numbers also weigh heavily on overall market conditions.   After all, supply and demand are the key factors in determining any economic outlook.

NEW INVENTORY
New listings rose only slightly in May (1%) to land at 9,270. This figure is 11.4% below new listings added in May 2011. May’s figure is in line with the twelve month average (9,367) of new inventory added to the market each month.
TOTAL INVENTORY
Total inventory fell 2.5% in May to 20,162, representing the 10th decline in the last 12 months. Since the May 2011 figure of 31,661, total inventory has fallen 36.3%. The inven-tory metric reached its decade high (58,178) in October 2007. It remained above 50,000 through February 2009, and began a slow decent below 50,000 starting in March 2009, continuing a steady downward trek during the second, third and fourth quarter of 2009, all of 2010 and 2011 up to the present. May’s total inventory figure is 65.34% lower than its decade high.

The general expectation is that we will continue to see similar numbers for the next few months.  But once the elections are over, expect to see an increase in new listings as foreclosure backlogs hit the market.

Adam Tarr PC
Citywide Real Estate
Phoenix, AZ

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