An article from CNNMoney.com, confirms what we have been anecdotaly reporting lately. The report states that Phoenix and five nearby cities - Scottsdale, Mesa, Chandler, Gilbert and Glendale - were among the hottest cities in the U.S. for homebuyers in Q1, according to the number of home searches on ZipRealty.com. ZipRealty's Q1 "Home Hunters Report" released today, shows that distressed properties (foreclosures and short sales) in the five most affected markets, including Phoenix, are spending on average 20% fewer days on the market in Q1 of this year compared to Q1 of last year. http://money.cnn.com/news/newsfeeds/articles/marketwire/0494018.htm
If you've been following this blog over the past 6 months and the monthly market reports I've been generating you would note that the Money/CNN report follows lock step with what we've been reporting and graphing. We have not seen this type of activity since about 2005. We're even getting multiple offers on properties and bidding wars to boot. Time to move folks!
For more information on the Phoenix real estate market click here.
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