The inventory is just exploding in the Phoenix metro area. According to ZipRealty and Bubble Tracking Blog the available homes for sales as of Feb 7th, 2006 was 33,550. On Jan 2nd it was 26,715. That is a 25% increase in inventory in just over a month. Phoenix is extremely bubblicious. The flood of inventory is just incredible. For more information see this post over at Housing Bubble Blog.
*WARNING This information is in dispute and it maybe much lower* If you know more info please shed light on this.
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thanks tom. The link has been fixed.
ReplyDeleteThat is amazing. How many people live in Phoenix?
ReplyDeleteThe number of homes is not as great, but during the same time period in Orange County, CA, inventory has increased by nearly 30%
ReplyDeleteThe PHX data is probably about right. It's definitely not lower.
ReplyDeleteAt the end of Dec, the official count was 26,790.
In my town, which is part of metro-PHX, the inventory has grown about 39% since Jan 1 06.
Since 27k to 33.5k is only about 25%, I would guess it may even be higher.
But, more important than the actual #, is the months of inventory. In Feb 05 it was about .5 months for metro-PHX. As of Dec 05 (the last month I can get data for), it was 4.2 months...and growing.
Normal national levels of inventory are about 5.1 months.
It really will be interesting to see how "investors" react to having their houses on the market for a long time, not selling.
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