Maricopa county which encompasses Phoenix has been rocked by very low inventory not seen in years. This has resulted in bidding wars for residential properties with active listings down nearly 28% from last year. With this dip in supply, demand has gone through the roof.
“Without an improvement in supply, life will become ever more difficult for buyers while sellers will be dealing with many competing offers even if demand were to decline substantially,” according to the Cromford Report.
“Demand has recovered from the pandemic-induced slump of April and May and is now benefiting from the catch-up effect, replacing the sales that were deferred during the second quarter. At price points below $600,000, the market is constrained by the shortage of homes for sale.