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METRO PHOENIX HOME INVENTORY LEVELS PLUNGE! Inventory levels dropped over 770 from last Monday, March 24, 2008. Inventory of single family homes now sits at the same level as the first week of February and the same level we were at last August, before "sub-prime II" hit the market.
I have been recording the inventory levels for the past 3 years and have never recorded a drop this time of year. Why such a big drop? Many Realtors schedule listings to expire at the end of the month. However, in years past there were more new listings off setting the new expired listings. I really believe some home sellers are understanding their price was unrealistic and taking their home off the market.
Lowering inventory levels is a great sign for where the market is headed. The more sellers that understand their price is not going to happen and thus they take their home off the market, the more our market will recover.
It is all about supply and demand. Let's let the banks and those who have to sell be on the market, all others just wait for a better time.
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