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Homes Selling Faster As Buyers Outweigh Supply

According to Realtor.com, homes sold faster this February than any other February since 2007.  This should be very familiar to Phoenicians who have sold or bought a home in the last year within the valley.  Homes in Phoenix, Arcadia, Scottsdale and most cities within Maricopa County have seen days on market numbers plunge and within certain price ranges, seen multiple offers the day a property is listed.  Investors have definitely exacerbated the situation as they have come into the market with cash offers making it more difficult for those using conventional financing to compete.  Based on recent data, we see this situation normalizing a bit but its still a great time to sell a home given the historic lows we are experiencing in supply.

 

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