Hmmmm… the last three weeks, listings on the MLS have *increased*. “So what?” you may be asking. Well, for months, the number of homes in the listing service has dropped, almost daily. What that means to a buyer or seller all boils down to basic economics–the law of supply and demand. If the “supply” (number of listings) goes up, demand should be down. Lower demand translates to lower prices and a buyers market. Now, we are nowhere near a buyers market in the Phoenix area. It is still a *very* strong sellers market. Even with inventory up.
But I am starting to see some listings taking longer to go under contract. Combine that with the fact that there are more listings available,and it MAY mean the market is beginning to slow down. “May” is the key word here. I am NOT saying the Phoenix area market is turning. But there are some signs that it might be at least slowing a little bit.
Of course, it could just be a small adjustment. It will take many more weeks (if not months) of increasing inventory before it will be safe to say the market is truly slowing.
It is still *quite* frustrating for buyers out there. It is still not at all unusual for a listing to get multiple offers over asking price. I’ve had more than one buyer simply give up in finding a home. That’s sad, and I try to discourage it, but it is understandable. Believe me, it’s frustrating for the agents too. All I can say is, “Don’t give up! There **IS** a home out there with your name on it!”
I’ll post some ore hard data regarding the home inventory as soon as I can compile it.