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Market Update
May 2017

FROM MICHAEL ORR AT THE CROMFORD REPORT
THE PHOENIX AREA LEADING EXPERT ON REAL ESTATE ANALYSIS.


PHOENIX IS HOT, BUT A BUBBLE IT'S NOT

For Buyers:

Multiple offer situations and homes selling for more than list price have been making home buyers nervous over the past month. Returning boomerang buyers, having already suffered a short sale or foreclosure during the recession, are especially sensitive to memories of the infamous 2005 “bubble” where multiple offers over list price were a common everyday occurrence. Flash sales, properties sold within a day or less on the MLS, saw the highest volume last March since August 2013. However, a measure of 210 does not come remotely close to the 1,032 flash sales measured in March 2005. There is a growing number of properties selling over list price as well. But again, April 2017 only saw 16% of sales fit this category while April 2005 saw 37%. So while our real estate environment is indeed competitive for buyers right now, thankfully it doesn't resemble the same level of insanity experienced during the 2005 bubble.

For Sellers: