November 19, 2005

Updated Phoenix listing #s - Watch the fun as a market collapses under its own weight


Just saw a few listings - one a loft in Scottsdale selling for $1000 per square foot. That's right. $1000 per square foot. Another a new build in a bad neighborhood in Tempe selling a 2 bedroom for $750,000. On a busy road, next to crack den houses, with planes flying over.

Who's buying this stuff besides investors trying desperately to flip? The rent on that tempe unit would be $2000 or less (likely $1,400). But the cost of ownership would be $5000 or more a month.

Amazing.


Tracking Phoenix/Maricopa & Pinal Counties

Population 2005: 3.8 million
Listing per population ratio 7/20: 1:353
Listing per population ratio 11/10: 1:150

7/20: 10,748
7/30: 11,656
8/10: 13,099
8/20: 14,321
8/30: 15,042
9/10: 16,716
9/20: 17,516
9/30: 18,799
10/10: 20,073
10/20: 21,806
10/30: 23,770
11/10: 25,387
11/11: 25,700
11/15: 26,054
11/18: 26,261

2 comments:

skytrekker said...
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skytrekker said...

The rise in inventory is stunning.
I actually saw another posting at a blog site that said that 'rising inventories do not matter, because of rising population.....'

Some people actually believe the propaganda that the NAR and uninformed media spew out.
Lets see if the rising inventories have 'no affect' on prices in the valley of the sun, after all they have a 'risng population', and a 55% gain in prices is 'no problem'.