It will be 15 days before you hear the “official” numbers from Arizona Association of Realtors, but you can say you heard it here first. March existing home sales are up, WAY UP!!! There were 4200 existing home sales in March which is an increase of nearly 34% over February’s sales. The bigger news is that the number of homes currently in escrow is close to 7000. This means that within the next 45 days or so most of these properties will be closing escrow. If the number of homes in escrow stays consistently at or above about 6500 the monthly sales figures should remain brisk at over 4000 per month. If all things continue along as they are now, April existing home sales will hit at least 4700. Even though inventory is still hovering at 56000, months of inventory is now at 13 months and should shrink to 12 months by the end of April.
Have we hit the bottom? Can’t say yet, but we should know soon.
Stay tuned….
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