What's going on in the Arizona market? Well, it is now the very best time to buy! As a matter of fact, this market is the most affordable it’s been in the past 40 years!  With the combination of the lowest mortgage rates in history, coupled with the still depressed home pricing, don’t miss your opportunity to buy in this market! Buyers are very active, and in many price points multiple offers are being received, some more than the original asking price! With the inventory dropping, it is becoming more and more difficult to find the super good deals, but they are still out there! Don’t delay, as prices have begun to slowly increase and are predicted to rise more rapidly in the coming months ahead.

Some additional facts from the Arizona Regional Multiple Listing Service (ARMLS) include…

§ There were 7,400 new listings in December 2011, which is the lowest total since December 2004.

§ The median new listing price in December 2011 is $138,000, which is up 15% since the low of $120,000 in June 2011

§ The median sales price in December 2011 is $117,000, which is up 8% since the low of $108,300 in May 2011

§ There were 101,400 home sales in 2011, which is the second highest total in history

§ The average cumulative days for sale on the market is around 90, which is tied for the lowest total since October of 2006

§ The average month’s supply of listings as of December 15, 2011 is down to 2.8, which is 46% lower than the 6.1 months supply as of December 15, 2010