Trade Up Market Continues to Improve

Let’s take a look back to April 1 2008. At that time we had 621 homes for sale in the East Valley listed between $600,000 and $1,000,000. That represented a 33.4 month supply of homes. As of April 30, 2010 that number is now just 148 homes and represents only a 6.9 month supply of inventory. This is a truly dramatic improvement, just under 80%.
Similarly, in the $350,000 to $600,000 range we have dropped from a 11.3 month supply to an 5.4 month supply. This is a 52% improvement over two years ago.
This is still a great time to buy in these move-up categories as inventory is still in a range considered to be a buyers’ market, and interest rates remain very low by historical standards. However, as with anything in real estate, the best properties move very quickly. It can a also be a great time to sell a home and trade up to your dream home. Preparing your home for sale and pricing it right will determine your success.