Just about 3 years ago, nearly to the day, a few of my blog posts started with ARMLS: Active XX,XXX listings in Maricopa County. Oddly enough, the changes in our market today are enough to warrant a similar title. No, we're not quite back to levels of inventory that low, but the trend is becoming louder & louder...
The decline is not as steep as the rapid drop in inventory in the Phoenix Metro Area that took place from March-September 2011, but the difference is that in June 2012 or even June 2013 the seasonality of our market kicked in and inventory started to pick up. In both of those years, inventory levels hit a low and started increasing between 6/1 & 6/15. That does not seem to be the case today.
The last time inventory fell through June was in 2011, when our active listing inventory fell 43% from 2/19-8/20. Only time will tell whether this drop in active listings will keep going or level off sometime in the near future, but I'm certainly curious to see where it goes... But for now, as "Days on Market" decrease and List Prices increase, we'll see how that affects Buyer Demand. Active listing counts have been trending downward since peaking in March 2014 at 22,718 and are now down 27% to 16,586. That's a pretty significant drop. Pay attention to the Cromford Report 14-Major City chart and see how this is shaking out near you to see whether now is the time to sell your home. Call me if you can't wait for the next report and I'll tell you all about your options today!
Related:
Deal Breakers that Get in the Way of Buying the "Perfect" House
The Downside of Making a Lowball Offer in a Seller's Market
The "Core" of the Phoenix Metro is Still the Place to Be