In the rest of the country it's still a buyer's market, but in the Phoenix metro
area the pendulum has swung in the other direction.  The chart below
shows the latest Case Schiller statistics for the past 12 months, and you
can see that Phoenix is the best performing real estate market in the USA.
 
So, with the national average at -1.9% and our market up 6.1% that's a
divergence of 8%.  8 percentage points is quite a dramatic differential
and it points to the fact that we really are in our own market.  Our supply
and demand situation is so far out of whack from the lack of building over
the past 5 years, that we are snapping back with a vengeance.

For more detail, I am also attaching ASU's latest real estate report.  To
download it click here: .  Some highlights from the report:

* The median sales price in Phoenix is up 25% from $112,000 to $140,000.
* Supply is down 54% compared with 12 months ago
* Distressed home supply is down 81% vs. last year. 
* Recorded trustee deeds (i.e. foreclosures) down 62% in the past year. 

While the luxury market, and Paradise Valley in particular, isn't seeing
quite such dramatic numbers as the market overall, the trend is the same.
Inventory is down and prices are up across the board.

The only segment where buyers are still firmly in control of the market is
$3 million+ but everywhere else there is real competition for homes.  I will
go on record saying that any luxury home under $3 million that isn't selling
is because the property has a problem or the home is overpriced.  There's
just too much activity, and too little inventory, in the under $3 million market.

I hope this information has been helpful to clarifying the big picture.  If you
would like to chat please don't hesitate to call me at (480) 442-7325.

Regards,
Alex
SearchParadiseValleyProperties.com


p.s.  I do daily home tours.  The heat isn't stopping me!  To join CLICK HERE