Mike Orr, real estate expert with ASU’s W.P. Carey School of Business has pointed out that real estate inventories of active listings are at record lows. For buyers that means more competition and more money. We have seen more and more frustrated buyers in the Ahwatukee market as the inventory tightened up. We have seen multiple offers on even average quality properties and the really nice ones go in days if not hours. Even with the shortage of inventory our “VIP” Buyers are still “Beating the Other Buyers To The Best New Listings.”
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PHOENIX – In 2007 there were 58,000 homes listed on the market here in the Valley.
Today that number is less than half at 24,000 and many of those listings are out there but not available.
“Eight thousand of those are already under contract and waiting bank approval,” said Mike Orr, a real estate expert with ASU’s W.P. Carey School of Business.