Phoenix Metro Real Estate Market ~ Was that the bottom?

Phoenix Metro Real Estate Report.  What's happening with the real estate market?  I see definite signs of improvement!

Summary:

Pending foreclosures continue to drop at a record rate

Pending sales are up, inventory is dropping.

Sales prices have continued to move up across the board!

Homes under $100,000:

Sales up 38% over same time last year.

Supply has shifted to short sales.

The market has improved enormously since November.

Homes between $100,000~$200,000:

Traditional listings comprise 37% of this price range. If you have a home to sell and it falls within this price range... and it's a traditional resale meaning you have equity in your home ~ Chances are you may be seeing multiple offers on your property with a sale in less than a month (based on condition, location as well as proper marketing & pricing)

The current inventory is reflective of a normal market.

Active listing pricing is moving up.

Homes between $200,000~$400,000

Market is doing well due to decreasing supply and rising demand.

Traditional sales are 56% of this segment.

Over $300,000 looks especially positive.

Homes between $400,000~$500,000:

Sales prices are increasing due to decreasing supply and rising demand.

Traditional sales comprise 63% of this segment.

Supply is lower than anytime within the last year.

Homes over $800,000:

Short sales are the best buys. Sales prices are lower than REOs.

Supply is now at 1.89 years, the lowest it has been in 15 months.

Many sellers are continuing to set listing prices unrealistically high causing the average listing time to grow to 288 days.

So if you're a buyer that's been waiting for the bottom...you better get a move on.  You may have already missed it.

If you're a seller who has equity in their home and are thinking of selling.  Homes are selling quickly so start packing.