Phoenix East Valley continues to show Real Estate Market Improvement

The Real Estate Market in the Phoenix East Valley continues to show improvement.  Almost all cities show a reduction in active listings and steady buyer activity.  Interesting to note that homes that are selling are typically NOT short sale listings.  In Maricopa where there is a very high ratio of short sale listings for example, of the 48 homes that went under contract last week, only 5 were short sale listings.  We continue to see a high value in homes that are well cared for with a seller who has realistic expectations.  This is the type of home that IS selling. 

The East Valley just last week dipped below 12 months of inventory.  In a normal, balanced market we carry an average of 6 months worth of inventory. 

There was 15.7 months worth of inventory in the East Valley during the last week of October, 2007. We have experienced a gradual reduction in that inventory most noticeably over the last 4 weeks and this could be confirming that we have finally hit bottom.  If so, we should notice a plateau over the upcoming months with a gradual return to normal appreciation.  Good news for homeowners in the East Valley!

For more Information visit Chandler Arizona Real Estate.  This information was provided by Amy Jones, a multi-million dollar top producing Realtor with RE/MAX Elite. Amy specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountain communities of Pinetop/Lakeside & Show Low.  Search the Arizona MLS.