Tempe has continued its trend of having about 500 homes available on the market. For the month of April, we had an inventory of 8.68 months. We are starting to see more homes trickle into the $50k-$100k price range. Many of these homes are bank owned and require a lot of rehab. The 8.7 months of inventory in this price range is misleading because we just recently broke into this barrier, and they are all getting snatched up quite quickly.
| Price | Active | Pending | Sold | Inventory |
| Total | 456 | 160 | 71 | 8.68 |
| 50-100k | 20 | 15 | 4 | 8.75 |
| 100-150k | 31 | 37 | 16 | 4.25 |
| 150-200k | 83 | 42 | 25 | 5.00 |
| 200-300k | 154 | 46 | 22 | 9.09 |
| 300-500k | 113 | 23 | 7 | 19.43 |
| 500k+ | 60 | 3 | 1 | 63.00 |
As expected, homes in the $100k-$200k price range are flying off the shelves. We have less than 5 months of inventory.This is the price range that is hitting many investors that are looking for cash flow as well as first time home buyers.
Over $300k, the price range where most home buyers are moving up from their first home, is at over one year supply. At this price point, a few things come into play. First, many people are less motivated to move up to their next house. The other issue is FHA loan limits as well as Jumbo loan guidelines. Additionally, the pace of homes moving at sub $300k is applying more pressure on the higher price range.
Sounds like its a fairly strong buyers market in your area w/ almost 9 months of inventory for your overall market. Interestingly enough, the 100-150k price range is almost to the point of being even (neither a buyer or sellers market). Hopefully the influx of first time home buyers that seem to be becoming more active will help create a trickle up effect and get some more activity on the higher priced homes.
Sounds like you have some good inventory for those with high net worth that can afford to purchase on invest in rehabbing the bank owned properties