Tuesday, May 13, 2008

Phoenix Real Estate Market Improving

The metro Phoenix real estate market continues to show signs of improvement. While it's true that inventory of homes for sale remains high (54,000+), the number of sales each month continues to increase. We're now sitting on just under 11 months of inventory. What that means is that if no one else listed their home for sale, and sales continued at the current pace, it would take us 11 months to sell every home for sale. Typically, a balanced market is about 6 months' supply.

What I found most interesting is what happened in mid-April of this year. We started 2008 with 18 months of inventory. By mid-April we'd whittled that down to only 11 months supply. Whee! We knocked off 6 months of supply in just over 3 months.  See the chart below for more information, or feel free to contact me to discuss your unique buying & selling needs.