Phoenix AZ Homes and Condos

Arizona Shadow Inventory in Maricopa County is very low compared to the rest of the U.S.

Much has been written about the housing “shadow inventory” and there are a lot of theories about what it is and where it can be found. I concur with those who think the lenders are able to identify Shadow Inventory because they are aware of those who are not paying their house payment or are late or struggling to make their house payment on time and are more likely to go into default on their home loan, if they are not there already. The map below will show you where the shadow inventory can be found. And I am happy to report Maricopa County in Arizona has very little. Eager home buyers have been buying distressed homes for sale in Chandler, Gilbert, Mesa and Phoenix AZ causing our shadow inventory to shrink dramatically.

While I haven’t understood why lenders continue to discount the listings they are putting on the market when we have so much buyer demand, I have to acknowledge they are successful at getting troubled properties off the books and sold to new home buyers who can afford to own a home. (If you can’t identify Maricopa County in Arizona, just look for the very light color in the Arizona Map. Pinal County has a more significant issue with 36 – 48 months supply.)

Phoenix MLS Listings chart below shows the # of  ACTIVE listings as of December 1, 2011, # of November 2011 CLOSED transactions, Months of Inventory per City (with 6 months of inventory being a balanced market) and the percentage of the total # of November 2011 closed “distressed” transactions that were either Lender Owned or Short Sale Closed listings.

Single Family Detached Homes	Listings   12/1/11	Closed during November 2011	Months of Inventory	Distressed as a %  of Closed
Arizona MLS-wide	15194	6085	2.5	62
Phoenix homes for sale	2727	1557	1.75	67
Chandler homes for sale AZ	647	324	2.0	60
Gilbert homes AZ	653	385	1.7	59
Houses for sale Mesa AZ	1031	564	1.8	63
Scottsdale homes for sale AZ	1780	325	5.5	39
Tempe AZ homes for sale	197	100	2	49

There has never been a better time to be in the market for buying homes for sale in Chandler, Gilbert, Mesa,  Ahwatukee, Phoenix, Tempe and Scottsdale AZ! Mortgage loan rates are unbelievably low and prices are back to where they were at the beginning of the last decade.

First time home buyers can own for less than they are paying in rent and move up buyers can get into beautiful homes in great neighborhoods in Chandler, Gilbert, Mesa, Phoenix, Tempe and Scottsdale AZ that would not have been even remotely possible just 5 years ago.

Contact me today to schedule an appointment to discuss all the opportunities available to the wise home buyer looking for a very nice place to live at a very affordable price in today’s real estate market with depressed prices.

Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.