I’m doing CMAs for some very patient and understanding folks (I hope!). I got a bit behind on doing CMAs because of a closing I had this week and some extensive research I did over the last week or so for a potential investor client.
Right away in the first two CMAs today I found inventory levels in the 4-5 month range, one in Coronado Ranch in Gilbert 85297 and the other near Paradise Valley Mall in Phoenix 85032. I consider 5 to 7 months of inventory to be “normal.”
Now, of course, one of the main reasons for the lowered (low?) inventory is that we are just exiting the high season for home sales in Arizona. The number of homes that sell in the next 6 months will be significantly less than in the last 6 months so the inventory could very well increase again. The big question is, “How much?”.
Nevertheless, the inventory of homes for sale right now in many areas in metro Phoenix is much lower than it’s been for a long time.
Here is a chart of the trend in Gilbert 85297 where Coronado Ranch is located.
You can see these inventory charts for 125 metro Phoenix zip codes. See the list of zip codes in the sidebar.