Homes selling like crazy? (Phoenix, Mesa: for sale, foreclosures, houses)

[DellNec]

A friend of mine said that in Phx that homes are selling like crazy. They are on the market for 1-2 days and numerous bids pour in and the homes get sold. Is this true and if so, what is causing this?

[Jkgourmet]

Don't know that I entirely believe or agree with this, but. . .

Is housing glut over? Experts predict housing shortage by spring - East Valley Tribune: Mesa

From the January 18, 2012 edition of the paper.

[AZ Tracy]

Originally Posted by DellNec

A friend of mine said that in Phx that homes are selling like crazy. They are on the market for 1-2 days and numerous bids pour in and the homes get sold. Is this true and if so, what is causing this?

Prices are low, inventory is low and interest rates are low; homes in most aeas, in good condition, priced right, are selling very quickly.

[azgirl85220]

Yes, my Dad just had that experience. He moved to the Phoenix area and it seems he was always asked to put in a bid for a house he wanted. Finally, he bought one with no bidding.

[bgray9]

My wife and I observed this in recent months as we've looked at houses. Homes in good shape, in a good location, and priced reasonably often go pending very quickly, sometimes within a few days. Then there's other houses that sit on the market a long time, due to price, condition, and/or location.

[MotleyCrew]

I knew that there would be a mad rush and another frenzy of buying when people felt the slump was coming to an end. I think this is the bottom....again. I hope it returns to normal in the near future.

[Burning Madolf]

Originally Posted by DellNec

A friend of mine said that in Phx that homes are selling like crazy. They are on the market for 1-2 days and numerous bids pour in and the homes get sold. Is this true and if so, what is causing this?

Saw a house yesterday afternoon that came on the market in the AM. Gone today. House was bought by an LLC about a week ago.

I've seen a lot of flippers and owner/agents picking up foreclosures, shining em up and listing them within days.

[Bideshi]

Now is the time to buy! Hurry before you get priced out of the market again!

[Captain Bill]

Originally Posted by DellNec

A friend of mine said that in Phx that homes are selling like crazy. They are on the market for 1-2 days and numerous bids pour in and the homes get sold. Is this true and if so, what is causing this?

This has been happening for many months. Most people have just not heard about it. It's just now beginning to make the news media.

This thread https://www.city-data.com/forum/phoen...et-update.html has a ton of information about the local Phoenix market.

[sh9730]

As I ve posted elsewhere, I have a "set parameter" (i.e. zip code, Single Family Homes only etc) search that I do almost daily and I never change the settings. Here in Casa Grande, that search at the beginning of 2011 showed 400+ homes for sale. Today is the lowest number I ve ever seen on the search at 136.

Again, my numbers may be slightly different than some get...my point is that the TREND (since my parameters never change for my search) is that inventory here in CG is getting VERY VERY low.

Pricing is still pretty flat....but as Capn Bill points out...at some point that will change.

P S - In all of Pinal County the trend is similar. Currently there are about 2000 total active homes for sale. Last month there were 710 homes sold. That is right at 3 months inventory. VERY low for historical standards...also, of that 710 homes sold, 357 were sold for CASH! Guess what - 357 homes last month were on the market for between 1-30 days. Who do you think bought those houses? The CASH buyers! About 500 of the 700 sold were on the market less than 60 days. Again, this is all of Pinal County. I think its even faster in the more urban areas of Casa Grande, Maricopa, and San Tan Valley.