January 26 – The supply situation is going from dire to horrid from a buyer’s perspective. This is the time of year when supply should be rising strongly. Instead it is falling, at least as long as you count only active listings that are not in UCB or CCBS status. Contracts are getting signed quickly already and the UCB and CCBS counts are rising. These listings are usually of little interest to buyers since they already have a contract.
Among the larger cities, we see the following with drops in their single-family active listing counts (excluding UCB and CCBS) over the past week:
- Phoenix down from 1,833 to 1,746
- Mesa down from 577 to 571
- Scottsdale down from 1,303 to 1,283
- Peoria down from 395 to 375
- Queen Creek down from 466 to 440
- Avondale down from 95 to 87
- Cave Creek down from 159 to 157
- Buckeye down from 416 to 383
- Maricopa down from 245 to 235
- Chandler down from 273 to 260
- Glendale down from 276 to 262
- Gilbert down from 325 to 291
- Surprise down from 408 to 402
- Tempe down from 128 to 125
- Goodyear down from 306 to 295
Of the 17 we focus on each week, only 2, Fountain Hills and Paradise Valley, have more single-family active listings than a week ago.
It is quite shocking how poor the flow of new listings has been over the past 3 weeks and the effects on the market will be noticed for several months..
Cited from Daily Observations from The Cromford Report