{"id":3216,"date":"2008-06-07T06:51:50","date_gmt":"2008-06-07T13:51:50","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=3216"},"modified":"2008-06-07T06:57:07","modified_gmt":"2008-06-07T13:57:07","slug":"has-the-phoenix-real-estate-market-turned-the-corner-its-too-early-to-tell-but-mays-results-suggest-we-may-be-nearing-the-bottom","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3216\/has-the-phoenix-real-estate-market-turned-the-corner-its-too-early-to-tell-but-mays-results-suggest-we-may-be-nearing-the-bottom\/","title":{"rendered":"Has the Phoenix real estate market turned the corner? It’s too early to tell, but May’s results suggest we may be nearing the bottom"},"content":{"rendered":"

This is my column for this week from the Arizona Republic<\/i> (permanent link<\/a>).<\/p>\n

 
Has the Phoenix real estate market turned the corner? It’s too early to tell, but May’s results suggest we may be nearing the bottom<\/strong><\/p>\n

Are you in the mood for some good real estate news for a change? How about some news that’s not all bad? Here’s what news there is, in any case:<\/p>\n

May was a very strong month for clearing bread-and-butter inventory in the Phoenix real estate market. BloodhoundRealty.com tracks sales of newer suburban tract homes<\/a> — three bedroom, two bath, single-story homes with tile roofs and two-car garages — the middle of the housing-supply bell curve.<\/p>\n

We have records going back to January of 2004, so we have tracked both the boom and the bust in our recent real estate history. May 2008 was the strongest month for the homes we track since May of 2007, with the best month before then being November of 2006. A total of 170 of these homes sold in May, up from 114 in April.<\/p>\n

Prices were down, month over month, and not by just a little bit, so May’s results no doubt reflect the sale of a lot of lender-owned properties. But inventories of the homes we track are down by 7% from April and by over 14% from March.<\/p>\n

The implied absorption rate from May’s results is 5.2 months, down from 8.4 months for April. Absorption rate is the amount of time it would take to absorb all currently-available inventory at the current rate of sales.<\/p>\n

The absorption rate calculation is less than reliable, since it uses backward-looking numbers to make a forward-looking projection. But substantially greater sales taken together with substantially lower inventories is a very good sign.<\/p>\n

As a matter of anecdotal evidence, earlier this week I phoned the listing agent of a very market-weary short sale. After months of no activity, three offers came in over the weekend. The seller issued multiple counter-offers, with the high-bid being $17,000 over the list price.<\/p>\n

So has the Phoenix real estate market finally turned the corner? We won’t know for sure for two or three months Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This is my column for this week from the Arizona Republic (permanent link).  Has the Phoenix real estate market turned the corner? It’s too early to tell, but May’s results suggest we may be nearing the bottom Are you in the mood for some good real estate news for a change? How about some news […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6,5],"tags":[],"class_list":{"0":"post-3216","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-investment","7":"category-marketing","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3200,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3200\/phoenix-real-estate-market-news-may-rocked\/","url_meta":{"origin":3216,"position":0},"title":"Phoenix real estate market news: May rocked","author":"Greg Swann","date":"June 2, 2008","format":false,"excerpt":"I tend not to cover local market news at BloodhoundBlog, but this is big, and I expect it might be replicated across the country. I'll be writing about it tomorrow for Saturday's Republic, but it won't be news-pages news for another ten days or so. Here's the news, in any\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2851,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2851\/if-you-dont-have-to-sell-into-the-current-phoenix-real-estate-market-dont-but-what-if-you-do-have-to-sell\/","url_meta":{"origin":3216,"position":1},"title":"If you don’t have to sell into the current Phoenix real estate market — don’t. But what if you do have to sell…?","author":"Greg Swann","date":"March 29, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link): \u00a0If you don't have to sell into the current Phoenix real estate market -- don't. But what if you do have to sell...? Here's a piece of real estate marketing advice that should be obvious: If you\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4880,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4880\/if-you-have-cash-or-can-qualify-for-a-mortgage-this-could-be-the-ideal-time-to-grab-a-bargain-priced-home-in-the-phoenix-area\/","url_meta":{"origin":3216,"position":2},"title":"If you have cash or can qualify for a mortgage, this could be the ideal time to grab a bargain-priced home in the Phoenix area","author":"Greg Swann","date":"October 11, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0If you have cash or can qualify for a mortgage, this could be the ideal time to grab a bargain-priced home in the Phoenix area The Phoenix area is hosting a wave of real estate investors like\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":302,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/302\/august-2006-market-basket-of-homes-values-up-25-on-stronger-sales\/","url_meta":{"origin":3216,"position":3},"title":"August 2006 Market-Basket of Homes: Values up .25% on stronger sales . . .","author":"Greg Swann","date":"September 8, 2006","format":false,"excerpt":"Is the Metropolitan Phoenix real estate market starting to recover? Too soon to say, but prices edged up slightly on sales that were stronger -- even if they are still slow -- in the August edition of the BloodhoundRealty.com Market-Basket of Homes. Average prices for Market Basket homes in August\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3193,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3193\/looking-for-the-bottom-real-estate-speculators-are-establishing-the-bottom-dollar-price-for-lender-owned-homes-in-phoenix\/","url_meta":{"origin":3216,"position":4},"title":"Looking for the bottom? Real estate speculators are establishing the bottom-dollar price for lender-owned homes in Phoenix","author":"Greg Swann","date":"May 31, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Looking for the bottom? Real estate speculators are establishing the bottom-dollar price for lender-owned homes in Phoenix If you're looking for the bottom of the real estate market in Phoenix, chances are it's right up the block.\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5778,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5778\/the-bottom-of-the-phoenix-real-estate-market-may-be-in-sight-but-alas-the-end-is-not-near\/","url_meta":{"origin":3216,"position":5},"title":"The bottom of the Phoenix real estate market may be in sight — but, alas, the end is not near","author":"Greg Swann","date":"November 23, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0The bottom of the Phoenix real estate market may be in sight -- but, alas, the end is not near When will the Phoenix real estate market finally hit bottom? Believe it or not, I can answer\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=3216"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3216\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=3216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=3216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=3216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}