Monday, November 7, 2022 / by Bryan Baylon
The iBuyers sold a lot fewer homes in Maricopa County during October than September, disposing of 280, down 40% from the 464 they sold in September. However both totals are completely dominated by Opendoor with OfferPad selling far less and the other players barely registering.
OfferPad saw their sales increase from 28 in September to 55 in October, which is actually their highest total since May.
Opendoor's sales dropped precipitously from 430 to 221. This decline helped October's average $/SF for the overall market as Opendoor's closing prices have often been below market value..
All this selling has not really solved Opendoor's excessive inventory problem. They have fewer active listings on ARMLS than the peak of 1,800 on August 1, but they still have 1,432 when they probably would prefer to have fewer than 400. It is going to take a long time to drop that inventory by 1,000 when demand is very low and still falling.
The chart include Pinal County but excludes homes owned by Opendoor but listed by other brokers (such as Kenny Klaus, Don Noma, Carol Royse, Redfin, etc.)
Market insights provided by the Cromford Report.