According to Catherine Reagor in The Republic on Apr. 26, 2012 …
“Home prices are surging in metro Phoenix, climbing 8 percent in March alone and 20 percent in the past 12 months…The trend is projected to continue throughout the year, although at a slower pace… Prices have begun to rise at a fast pace and bargains are no longer plentiful.” Orr goes on to say ‘Most homes that are priced well are attracting multiple offers within a couple of days, and many are exceeding the asking price.’…A growing number of national real-estate analysts say metro Phoenix is leading the U.S.' housing market's recovery.” 
Now to update you with current statistics…According to the Cromford Associates, LLC, as of May 1, 2012 from Arizona Regional Multiple Listing Service (Maricopa County):
There were 20,781 Active Residential Listings- Same time last year we had 34,594
Of these Active Residential listings:
1,304 were Lender Owned- (6%) - same time last year: 5,520 (16%)
7,703 were Pre-Foreclosure/Short Sales (37%)- same time last year: 13,259 (38%)
10,460 were Normal Listings (50%) – same time last year 14,430 (42%)
There were 11,996 transactions pending- same time last year 13,326
There is just over 2 months supply of residential inventory currently on the market, whereas last year at this time we had over 3 ½ months of residential inventory listed and two years ago, we had almost 5 months supply! So, inventory of homes for sale is EXTREMELY LOW!!
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