Phoenix Real Estate Inventory May Be Stabilizing

A quick check of the Arizona Regional MLS shows just over 7,700 single family detached homes on the market – a total that has held steady, give or take 100 homes, for the past week to 10 days. And that leads to the conclusion that after nine months of falling inventory, we ┬ámay finally have hit the bottom of the Phoenix real estate market – at least for inventory levels.

Prices indicate the bottom came and went; buyers now need to think in six figures for homes built within the past 10 to 15 years across much of the Valley. For instance, here’s where the 3-bedroom market begins in Surprise (excluding short sales):

15364 W Acapulco Lane, Surprise (click to view)

El Mirage, located just to the south of Surprise, is a little less expensive …

11939 W Scotts Drive, El Mirage (click to view)

And Peoria a bit higher priced …

86o5 W Shaw Butte Drive, Peoria

And while all of these properties carry a bit of a different price than they did a year ago, all remain some 30 percent below the median price for the Phoenix real estate market.

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

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