The Absorption Rate in Tucson is the lowest I have ever seen. For June overall it was 2.73 months of inventory. Some areas are down to just over one months inventory of homes available.
Consider this, there are fewer than 3,500 homes available in Tucson, this includes short sales and bank owned homes.
A couple of years ago the debate was over how long it would be to get to 6 months inventory (considered to be a normal market). No one would have estimated then we would get to under half that in 2012.
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Tucson Shadow Inventory
Some have said in the past that banks were going to dump all their inventory on the market at once and ruin the recovery. Some have said we have a second Tsunami of bank owned homes coming on the market. Well, it looks like the well is dry enough we could use a a bit of that shadow inventory to come out of the shadows and onto the market.