Is the Phoenix Real Estate Market Turning?

Real Estate Agent with Realty ONE Group

The movement is scarcely more perceptible than a 3.0 quake in greater Los Angeles, but there's a slight change taking place under our feet here in the Phoenix real estate market.

As of the moment, there are 7,941 single family detached homes for sale across Maricopa County. That's every so slightly higher than the consistent 7,500 to 7,850 homes we've seen for the past month.

Of those homes for sale, just over 700 are bank owned properties. Not a huge amount mind you - less than 10 percent of the available inventory - but higher than the fairly consistent 600 and change we've been seeing.

This easily could be a hiccup that will get worked through by the end of the week. At the same time, it also could be the first, very faint sign that the historically low inventory levels that have fueled this year's rise in property values could be rising for the first time in more than a year.

Stay tuned.

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