March Update-Market Boiling!
March Market Continues to SURGE
Once again we show a small rise in Average Sales Price to $172,603 up from $170,133 or an increase of 1.5%. We are going to revise our statistics to only include Maricopa County but with a more extensive analysis of the statistics. Botton line, inventory continues to shrink, demand continues to rise and therefore prices must continue to rise.
Overall, all of the statistics plus what I am seeing on the ground in everyday practice, leads us to believe that the market is poised for a continued and drastic upswing. Months of inventory is down to a little over 2 months in the Valley and with pending sales and inventory rapidly converging, sales prices have little choice but to continue to go up UNLESS something drastic happens to change the trending. I continue to hear rumors of Fannie Mae and Freddie Mac having some huge shadow inventory they are about to dump on the market. As I look through the inventory of homes in the West Valley, I simply cannot find this block of homes owned by the GSE's ready to flood the market.