Pool of homes for sale across metro Phoenix is drying up

Aug 15, 2019, 4:35 AM | Updated: 5:06 pm

PHOENIX – Fewer than 13,000 homes are for sale in metro Phoenix, the lowest level since the start of a housing bubble 15 years ago, according to a Valley realtor.

“We only have 12,626 listings,” Diane Brennan of Coldwell Banker in Scottsdale told KTAR News 92.3 FM on Wednesday. That figure excludes homes under contract.

Brennan said the inventory hasn’t been this low since 2001.

“Nowadays we have 50% more people, we have more housing, so this is really, really worrisome,” she said.

Brennan noted that 2004 was the start of a housing bubble that burst two years later, but she said the real estate business has changed since then so a crash isn’t as much of a concern now.

Financing is more difficult to obtain these days and appraisers are more conservative, she said.

“They are keeping their appraisals at a level where we’re not seeing prices skyrocket like we did before the crash,” she said.

Even if the low inventory doesn’t portend a crash, it’s a problem for buyers and impacts anybody who rents.

“People need places to live and they want to own their own homes vs. rent, and that pushes rental prices up,” Brennan said.

On the flip side, things are good for sellers.

“For those that do decide to put their home on the market, it’s incredibly easy to sell,” Brennan said. “We’re seeing multiple offers at different price points.”

She said homes with fair prices listed for under $500K are selling quickly.

“For example, I had a property that was $300,000 and received seven offers in a week,” she said.

Brennan said homeowners who are considering selling but waiting because they think the market is slower in the hot summer months need to rethink things.

“So if you’re on the fence and you’re thinking, ‘Well, I’ll just wait to sell,’ you might want to do that right now to take advantage of this and unload your property and give it to someone else who is in dire need of a home.” she said.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

West Clear Creek Wilderness...

Woman falls to death off cliff in Arizona wilderness area

A 44-year-old woman fell to her death from a cliff in an Arizona wilderness area this week, authorities said Wednesday.
13 hours ago
(KTAR News Photo/Taylor Tasler)...

Here’s why gas prices are rising in metro Phoenix, across Arizona

Gas prices are surging in metro Phoenix and across Arizona and a fuel industry expert says there is a main reason for it.
13 hours ago
(Twitter Photo/@joss_berry)...
Kevin Stone

Aide to Arizona Gov. Katie Hobbs resigns after controversial tweet

An aide to Arizona Gov. Katie Hobbs has resigned after creating a controversy with a tweet in the wake of the Nashville shooting.
13 hours ago
(Arizona Department of Transportation Photo)...
Associated Press

Investigators cite driver fatigue as cause of deadly 2021 Phoenix milk tanker crash

A milk truck-tanker crash that killed four people and injured several others on a Phoenix freeway in 2021 was caused by driver fatigue, U.S. transportation investigators said Tuesday.
13 hours ago
(KTAR News Photo/Jeremy Schnell)...
Taylor Tasler

Arizona Gov. Katie Hobbs speaks on prison priority, problems and plans for reform

In an exclusive interview, Katie Hobbs spoke on why she has made state prisons a priority, problems she's encountered and plans for reforming the system.
13 hours ago
(AP Photo/Ross D. Franklin)...
SuElen Rivera

Phoenix restaurant owner says long ‘way to go’ following judge’s homeless encampment decision

A judge has ordered Phoenix to find a solution for a large homeless camp, but a local restaurant owner said it could be a while before progress is seen.
13 hours ago

Sponsored Articles

(Photo by Michael Matthey/picture alliance via Getty Images)...
Cox Communications

Valley Boys & Girls Club uses esports to help kids make healthy choices

KTAR’s Community Spotlight focuses on the Boys & Girls Club of the Valley and the work to incorporate esports into children's lives.
Quantum Fiber

How high-speed fiber internet edges out cable for everyday use

In a world where technology drives so much of our daily lives, a lack of high-speed internet can be a major issue.
(Photo via MLB's Arizona Fall League / Twitter)...
Arizona Fall League

Top prospects to watch at this year’s Arizona Fall League

One of the most exciting elements of the MLB offseason is the Arizona Fall League, which began its 30th season Monday.
Pool of homes for sale across metro Phoenix is drying up