Good news as far as April results for the Phoenix area real estate market. Sales through ARMLS for April were 8580 homes a 78% increase over April of last year. What we are hearing from other real estate agents and finding ourselves is that buyers have come back into the market. Prices are really good and some properties, particularly those under $150,000, are getting multiple offers. The ARMLS inventory is down to 5.5 months versus 12.5 months in April of last year. There is still a variance by location. Generally a six month inventory is considered a “normal” market. The red line in the graphs above is the number of active listings by month for each community.
Months of Inventory (April 2009/April 2008)
Queen Creek 3.1/7.9
This data is supplied by the Arizona Regional Multiple Listing Service. ARMLS, West USA, and Pat & Amy Monahan do not guarantee the accuracy of the data.