In my last newsletter (in an article titled "Homes Are Selling Again!"), I said that there are changes happening in the Phoenix housing market. This morning Bob Bemis, CEO of ARMLS, confirmed that in an interview on Channel 12 News. He said, "We are starting to see glimmers of hope." Mr. Bemis noted that we saw a record number of sales in March (highest number of sales in the last 5 years!) and inventory is dropping. Additionally, he said that the "average selling price" went up 3% in March and the "median selling price" went up a little less than 1%, with the Future Price Index indicating that in 2 of the next 3 months both the average and median sales prices will go up. Most of the activity has been in the $200,000 to $500,000 range and the upper end market is still considered slow, but, as I mentioned last time, Paradise Valley properties are beginning to move. Still deciding if this is the time to buy? This might be the time to make your move.
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