Phoenix is Currently a Seller’s Market
According to an article published in Arizona Republic on March 25, 2013 by Catherine Reagor and Ryan Konig:
- In the third week of March , 2013, there were 13,000 homes and condos for sale;
- In 2008, there were 4 times as many homes for sale;
- Homes are selling faster than they have since the heighth of the market in 2006;
- The typical home now sells in 72 days-almost half the time it took 5 years ago;
- Prospective buyers propelled the region’s median sales price up more than 34% in 2012;
- Demand is projected to outweigh supply for quite awhile.
- According to Mike Orr, director of the Center for Real Estate Theory and Practice at ASU’s W.P. Carey School of Business, “Most homes priced reasonably below $500,000 continue to attract multiple offers in a short time. Sellers are firmly in control.”
If you are thinking of selling, now may be the time to add your home to the limited inventory.