Housing inventory decreases in Phoenix
The Department of Numbers is reporting that 15,396 single-family homes and condos were for sale as of April 30, 2012 in Phoenix, Arizona. While that may seem like a lot, the number of houses for sale in Phoenix has substantially dropped – almost 43.7 percent in the past year alone.
When compared to March, the housing inventory decreased 7.9 percent. Overall, this is good news for the housing market in the greater Phoenix area. An overburdened market can leave it sluggish and slow to recover.
In addition, the decreased inventory will help local home sellers achieve the best deal possible. Over-inflated inventories drop prices and decrease home values, which can leave a seller in a tight spot if they have to take an offer drastically under the price they submitted originally. Sellers interested in getting the best offer for their home may wish to competitively price it to gain greater attention from potential buyers.
Listing the home slightly under the typical asking price can incite a bidding war from buyers, which may drive up the final figure past what the original sum.