Phoenix Real Estate Market Update – It’s a Buyer Frenzy!

The Phoenix real estate market is in a buyer frenzy early in the season due to low inventory in the most active price ranges. For Buyers: Buyers continue to find themselves in a frenzy of competition for homes as March recorded the highest number of non-distressed sales through the MLS since September 2005.  Supply has dropped a significant 12.7% overall compared to this time last year. That's a whopping 22% drop  in the Southeast Valley and 27% in Pinal County! Despite the extreme lack of supply under $300K, 30% of closings in this price range are showing some form of seller-paid concession at close.  Compare this to 27% in March of … [Read more...]