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A lot of people have been asking me how the market is doing lately, and today, I'm going to answer that question.

In order to determine whether we have a balanced market, we look at the inventory. Inventory is measured by looking at how long it would take to sell the homes currently on the market if no other homes were listed. Any time we have between four and six months of inventory, it's considered a balanced market. Anything below four months means we are in a seller's market, and inventory above six months equates to a buyer's market.

We currently have about 16,000 homes on the market, which might sound high, but is actually very low. Overall, Maricopa County has about 2.6 months of inventory. This indicates that we are in a strong seller's market, but that is really only the case in certain areas and in certain price ranges.

 For example, in the $100,000 to $200,000 range, there are only 1.6 months of inventory. In the $200,000 to $300,000 range, we have 2.1 months of inventory. The $300,000 to $400,000 price range has a 3.3 month supply of inventory. Basically anything under $400,000 is in a seller's market. We don't have much inventory, and there are a lot of buyers out scooping up homes. The top three cities for sellers are Avondale, Surprise, and Glendale.

However, if you are looking for homes priced between $400,000 and $600,000, we are running on about 4.5 months of inventory. That is a balanced market. Homes $600,000 and up are leaning towards a buyer's market. In fact, in the $1 million to $2 million range, we have 9.6 months of inventory. The top three cities for buyers are Scottsdale, Goodyear, and Chandler.

So when you hear that we're in a seller's market, make sure you take a closer look at the price range and the area. If you have any questions, or are interested in buying or selling, please give me a call or send me an email. We would love to hear from you.