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Phoenix Real EState Market... Arizona Housing Inventory Declining

By
Real Estate Agent with Arizona Real Estate Consultant

While there may continued to be a decline in Phoenix home prices, the good news is that inventory and the number of new listings is below levels from spring 2008. There are definitely signs that the bargain-hunting is on and homes are moving off the market. It is good news to see the inventory decreasing even if prices are 50% below their unrealistic highs from 2006-2007.

To show that real estate is local, look at the trends in the popular Scottsdale real estate market north east of Phoenix. Supply and demand levels for real estate in Scottsdale are well-balanced this Spring, and the prices of homes leaving the market are higher than those new listings to the Scottsdale real estate market. It seems that Sellers are more realistic in the pricing of their properties where real estate buyers are more likely to be active.

Residential inventory in the Multi List Service (MLS) has gone from 57,795 units on 4/30/08 to 43,813 units on 4/30/09. It has been a long time since the available inventory has been this low. Don't get me wrong, there are still more Arizona foreclosure properties and Phoenix bank owned homes yet to hit the market and will be for some time. The point is the prices and interest rates seem to be at a point to entice buyers to make a move.

Mike Bruen of Solutions Real Estate has developed a new website http://www.MikeBruen.com to search all available properties currently available in the MLS FOR FEREE. Search by map if you prefer. To find Arizona bank owned homes, Phoenix bank owned homes or Phoenix real estate owned (REOs),  via map search! Visit http://www.AZ4ClosureHomes.com  and Search for Scottsdale real estate, Scottsdale bank owned homes, Mesa homes for sale, Mesa bank owned homes, Chandler real estate, bank owned homes in Tempe, and Peoria bank owned homes for sale in the local MLS. The possibilities are endless! Get full details: property address, photos, property subdivision,  property virtual tours, save your favorite properties, add your own notes to listings, create and save your own personal searches, keep track of properties you've viewed, receive automatic updates. ALL FOR FREE! Get immediate satellite view of properties, search by price, location, number of bedroom, year built, lot size, and more!

If you are looking to buy a bank owned home in Arizona, we want to provide the tools and the service to help you get the best bank deals in Arizona.  Our websites one more time http://www.MikeBruen.com and http://www.AZ4ClosureHomes.com.

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