I get a tremendous number of phone calls from buyer’s agents every day, all with the same two questions, over and over.
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“Is this property still available?”
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How many offers?”
And the statistics say that we are in a seller’s market, at least when it comes to lender owned properties in Phoenix. We’ve dropped from a 4.7 to a 2.2 month supply in 3 short months.
- Source: CromfordReport.com – Click on chart to see larger view with additional statistics
Sales are up all over the Phoenix metropolitan area. When it comes to foreclosures, the number of days on market for active listings has dropped 42% in the last quarter, from 201 to 116 days. Our average time on market for current pending sales is 28 days.
According to ARMLS statistics, 7600 properties sold in the month of March. Over 2,000 more than the month before. Almost 70% of these homes were bank-owned.
Foreclosures are driving the market. Houses are selling. The home sales price free fall may be almost over, at least for lender owned properties.
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