In a typical real estate market in the Phoenix Metro area, we usually see two-three months supply of homes for sale. In July 2020, we have less than a month supply of homes. And if we look at homes under $500,000 price point, it is 21 days of inventory.
That means that if no one lists their home for sale it would take us less than a month to exhaust our current supply of homes - and that includes family homes, condos, townhomes and mobile and manufactured homes. We call this frenzy.
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