Today I found 87 properties on ARMLS that are priced above $1,000,000 for sale in Peoria and Glendale.  Would you like to know how many homes over $1M have sold in last 12 months in Peoria and Glendale? .....The answer  is 13 (Peoria had 7 and Glendale had 6).

Statistically speaking, the number of homes listed, divided by the yearly sales total tells us that we have an 80 month (6 Years, 8 months) inventory. Ouch! I would like to think that in less time than 6 years, we will be well into another bullish real estate market. But until we turn the corner, how long can these sellers last? Some will sell, some will change their minds, some will lose there homes, and if I know some of these people well enough, some will still be on the market waiting for that elusive buyer.

What should you do as a buyer today? You should consider offering a price that makes sense to you. How do you determine the best amount to offer? The most common method is to base offers on recent sales. Whatever the offer, it does not hurt to make that offer. Of course there are offers that will not work based on a number of factors to include the ridiculously low offer. Yet a reasonable offer that can be supported by data is something that many sellers are waiting for anxiously.

How much longer will this market continue? Noone can be quite sure. But I am pretty sure that our local population will continue to grow among the highest rates in the nation. I am also pretty sure that they need to live somewhere.