The Real Estate Market in the Phoenix metro area continues to show improvement.  Most areas show a reduction in active listings and steady buyer activity.  Interesting to note that homes that are selling are typically NOT short sale listings.  We continue to see a high percentage of sales of homes that are well cared for with a seller who has realistic price expectations.  This is the type of home that IS selling. 

The Southeast Valley in now carrying less than 9 months worth 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 Southeast Valley during the last week of October, 2007. We have experienced a gradual reduction in that inventory which could be confirming that we have hit a plateau.  Will we rebound or will prices continue to fall?  That's the million dollar question.  

Buyers who have been sitting on the fence waiting for prices to stabilize are encouraged to jump off that fence while interest rates are still favorable and inventory plentiful.