The Phoenix real estate market is shifting rapidly! September 2008 had the highest number of homes sold in over 30 months according to Arizona Regional MLS! There is a significant upward trend of the number of homes sold. The number of homes pending (under contract, waiting to close) is currently the highest it has been in 3 years.
The latest statistics on Phoenix real estate show the market is heading towards a normal market from a buyers market. A normal market is 7 or less months of inventory. We are now below 9 months of inventory. This is only the second time since 2006 that we are below 9 months of inventory.
Phoenix should be back to a normal market by the second quarter of 2009 at the latest, if the current trend continues. The homeowner’s bail out bill signed by President Bush should further help to stabilize the housing market. Don’t wait too long to take advantage of the cheap home prices we still have in Phoenix!
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Marc Brodeur, Realtor