As we near the end of the first week of July, the number of active residential properties in our MLS (Multiple Listing Service), or homes for sale, is 24,539.  This number is slightly lower than the number one month ago. Here is an approximate break down by price ranges as of today:

Active (for sale, ARMLS – Arizona Regional Multiple Listing Service) listings:

• 9012 priced $200,000 and lower (300 fewer than one month ago)
• 11225 priced $201,000 to $500,000 (900 more than one month ago)
• 2865 priced $500,001 to $1,000,000 (200 fewer than one month ago)
• 930 priced $1,000,001 to $2,000,000 (93 fewer than one month ago)
• 499 homes priced $2,000,001 and above (56 fewer than one month ago)

Closed sales  (ARMLS – Arizona Regional Multiple Listing Service) during the last month:

• 3675 priced up  to $200,000 (or roughly 2.5 months of inventory)
• 2898 priced $201,000 to $500,000 ( or roughly 4 months of inventory)
• 385 priced $500,001 to $1,000,000 (or roughly 7.4 months of inventory)
• 95 priced $1,000,001 to $2,000,000 (or roughly 9.8 months of inventory)
• 21 homes priced $2,000,001 and above (or roughly 24 months of inventory)

This breakdown illustrates why a buyer seeking a home up to the $200k range may encounter multiple offers, and can see homes go under contract very quickly.  The higher the home is priced, the fewer buyers in that price range, and it can mean that a seller has more homes to compete with, depending on location, condition, etc.   Overall, the Phoenix Metro area has about 3.5 to 4 months of inventory, but the picture changes as you look at a different price ranges.  Up to $200k, at the moment, there is about 2.5 months of inventory.  Over the $2m mark – it’s more like 2 years of inventory.  Call or email if you’d like to know how your specific community profiles in today’s market.