One of the latest reports issued by Arizona State University's real estate research center concluded that the inventory of available Phoenix homes for sale is on the rise. This trend is one of many that are strengthening the local real estate market by leaps and bounds as it works toward full recovery from the housing crash. This last August, the existing inventory of homes in metro Phoenix increased by 3%, and is expected to rapidly increase, thanks to the flurry of construction and new development taking place across the region. The increase in housing inventory is outpacing the increase in area home value, and the market remains hot for buyers looking to snag a great deal.

The market has shifted into a solid seller's market since Phoenix real estate is gaining value and potential buyers are often entering bidding wars with one another thanks to the relative scarcity of single-family homes. Sellers who might have considered putting their homes on the market a few years ago are now rushing to put up "for sale" signs, and others are looking into short sale options now that foreclosure is not an inevitable fate for home owners struggling with mortgage payments.Phoenix Housing Inventory Increases

Homes listed at prices less than the median single-home price of $150,000 are flying off the market, and the prevalence of buyers upping the prices after heated bidding wars is becoming commonplace. Overall, the home prices in Phoenix show that the market is gaining traction, home prices are up approximately 34% year-over-year in the Metro Phoenix area.

I have extensive experience dealing this increase in competition from other buyers, and am excited to fill you in on the benefits of buying a Phoenix home while the market is at this critical juncture. Please let me know if you'd like more information about existing homes on the market or general market trends that might influence your decision to purchase a new home.