Has the Phoenix Real Estate Market hit bottom?...or are we just snagged on a sandbar?

Based on weekly numbers, it looks like we might be seeing a slight positive trend to our real estate market.  Our weekly sales have almost doubled and our new listings are stabilizing. Since our Buyer's Market is inventory-driven (more homes for sale than buyers to buy them), the key to restoring a more normalized market is inventory reduction.  The Phoenix valley typically carries between around 30,000 active listings.  With a current inventory of over 56,000 homes active on the Arizona Regional MLS, we've got a ways to go, but the increased buyer activity is a positive sign.

Our current market started with a silence that was almost deafening due to declining buyer activity accompanied by the roar of increasing listing activity.  I'm hearing the whispers of buyer activity again...along with a quiet hum of a market that may be picking up. 

Or... is that hum the sound of our engines hitting a sandbar?  Time will tell, but I have a very strong feeling the worst is behind us and market improvement is just around the corner.

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