INVENTORY LEVELS DROP BY 500 HOMES OVERNIGHT

The inventory of Single Family Homes dropped exactly 500 homes from October 31st to November 1st throughout the metro Phoenix area. We expect this type of activity as sellers take their home off the market through the slow holiday months. This drop left the level of SFH’s in the valley at 47,143, a number higher than the 46,812 on October 1st. On October 1st we recorded a drop of over 700 homes from the day before. Many Realtors write their listing contracts to expire at the end of the month, thus the large drop offs going into the 1st day of the month this time of the year. Last year we experienced a drop of inventory levels by 20% from October to the first of the year. This year that trend is following, but at a slower pace.