Buyer season is heating up in metro Phoenix home sales. Phoenix homes for sale under $200,000 currently make up more than 24% of active listings and 40% of sales in the Phoenix homes sales Multiple Listings Service (MLS). The reflects a high level of competition for these listing in good condition. Inventory for under $200,000 is down from March of last year by 24%, but the good news is that the inventory for this price level has stop the consistent decline that we have seen over the last 2 years.
Buyers over $500,000 have plenty of inventory from which to choose. The $500,000 and above inventory currently makes up 26% of the MLS and 9% of Phoenix home sales. Annual sales in this price range are on the increase, and there is some competition for exceptional properties in popular locations.