There were 8,717 sales of residential properties in the Phoenix Metro
Area in August, an increase 4% over July and 18% over August 2010,
according to the Arizona Regional Multiple Listing Service. Total
inventory decreased again in for the seventh consecutive month to
26,983, or 2% below the prior month. The median sale price of $109,900
and the average sale price of $155,000 in August have remained fairly
flat for the last 12 months. Multiple offers (often 10+) above asking
price is the norm for homes priced below the mid-range and even homes
below $300,000.
