Much of the news today talks about how hot the real estate market is. And generally speaking, it is a seller’s market. But, if you look at the details in the Phoenix area, the lower price ranges are selling quickly, while the higher price ranges that you see in Scottsdale and other parts of the valley are moving more slowing, which is really pretty typical.
Here are 2 charts to show you how many homes sold in each price range last month, as well as how many months of inventory are currently listed for sale, as of the first of May.
A buyers market is consider to be one where there is less than 5 months of inventory and a seller’s market is one where there is more than 7 months of inventory. The sweet spot, a balanced market, is between 5-7 months
So when you hear about homes sold in one day or one week, with multiple offers, there’s a good chance that they were listed at $300,000 or less.