We have now seen 4 months in a row of decreasing inventory. Homes listed for sale have decreased significantly in the under $1 million price range. Homes under $400,000 have literally been flying off the shelf (today the Phoenix metro MLS shows less than a 6 month inventory exists as investors have been extremely active in the last 60 days snapping up bargains).
Homes priced over $ 1 million will continue to see pressure to reduce their prices as many of these homes are unrealistically priced as owners have continued to believe the market has changed and don’t understand the impact of bank owned homes that are realistically priced and setting the new benchmarks for pricing in many instances.
Have we reached the bottom? In homes priced under $600,000 we may be close and we will be there for a while. Over $1 million still going down. Homes priced under $300,000 – you missed the boat.
www.premierAZhomes.com