Total inventory for the Valley coasted on a steady downward trend throughout 2011 with a high starting at 42,881 homes for sale in Jan. 2011 and continuing down to 24,712 in Dec 2011.
Dec.’s total inventory number represents a 42.37 percent drop from Jan.’s high according to the Arizona Multiple Listing Service. Reduction in inventory plays a major role in the supply in demand balance, which is so critical in correcting the Valley’s housing market.
Distressed sales, which include bank, owned sales and short sales have dominated the total sale composition for many months. In November, distressed properties as a percentage of total sales dropped below 60 percent, and remained relatively unchanged in Dec. at 59.8 percent. In Jan. 2012, the number of short sales (2526) eclipsed the number of bank owned sales (2165) for the first time in recent memory, suggesting a shift in lender appetite toward dealing with homeowner debt, rather than taking the property back through foreclosure according to the Arizona Multiple Listing Service.
Read the rest of the article at San Tan Valley Today
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