Valleywide, all dwellings
Under Contract in the Last 30 Days: 4,978 (9% of actives)
Valleywide, single family dwellings
Under Contract in the Last 30 Days: 4,290 (9% of actives)
Valleywide, luxury homes
Under Contract in the Last 30 Days: 136 (4% of actives)
East Valley, all dwellings
Under Contract in the Last 30 Days: 1,941 (10% of actives)
It was another exciting week for the Phoenix real estate market! Valleywide, active home inventories nearly leveled off and the number of homes under contract increased (except in the luxury home market). Early signs of the market turning have been popping up for the last several weeks, and this week was no exception.
If the active home inventory level in Phoenix was to continue in the direction it’s been headed, we could see the number of active homes in the market decrease within the next two weeks. Then if we saw the number of active homes decrease for several weeks in a row, we would be in a transitioning market for sure!
If you’ve been reading our most recent posts, such as “Congress is spending $168 billion to boost the economy…and end this rare buyer’s market”, you know that home inventory levels are not the only indicator of a transitioning market. There are many indicators, and lately they’ve all been pointing to the fact that buyers have a unique opportunity right now that will not last long, probably not longer than a few more months. If you are a buyer, are you going to capitalize on this opportunity?