The Phoenix Real Estate Market Heats UP!

light switchUnbelievable.  Almost like a light switch has been flipped.  That’s how I would describe the real estate market right now in the Phoenix metro area. 

In November 2007 we had about 18,000 active listings in the East Valley according to the Arizona MLS.  This week we have just over 13,000.  The steady decline began in February of this year and everyone is happy, although buyers are seeing more competition which means a buyer can’t waste time mulling over a home they like.  If you’re a buyer and you find that perfect home, you better snap it up or, as in year’s past, it will be GONE! 

Check out the weekly market update.

Comments

  1. 100% agreed Amy! I’ve always worked a lot with first time buyers who naturally purchase in the lower price ranges. I noticed that market segment moving from boom to bust as early as October 2005, LONG before the slowdown hit the broader market. In the past 3 weeks the amount of buyer activity in the under $75k market has been astounding. I posted recently about the re-emergence of bidding wars and the number of homes that sell for MORE than list price. Will this seeming recovery trickle up to the rest of the price bands? I’m hopeful.

  2. Hey Heather!
    Yep…I think we need to order the party hats and streamers. We’re getting darn near close to the bottom of this market. My business has increased dramatically over the last couple months. That electrical current of market change is subtle…but I feel it, definitely!