Has the Phoenix Real Estate Market Hit Bottom?
Based on weekly numbers, it looks like we might be seeing a slight positive trend to our real estate market. Our weekly sales have increased significantly and our new listings are stabilizing. Since our Buyers Market is inventory driven (more homes for sale than buyers to buy them), the key to restoring a more normalized market is inventory reduction. The valley typically carries between 25,000 and 30,000 active listings. With a current inventory of over 56,000, we've got a ways to go, but the increased buyer activity is a positive sign.
Our current market started with a whisper of declining buyer activity and increasing listing activity. I'm hearing the whispers of buyers again...and it's all good.