Here comes supply....let's see where demand goes.

 Listing velocity on the rise. 

Below we see the 'big news' in the Valley showing the rapid increase in inventory in the last 2 months.

Looking at the available charts we have for the inventory trend statewide below don't quite capture the velocity of change at the street level. 

Why?

In most markets statewide we see the month-over-month increase in new listings April over March. However, we don't have a full month of May to compare and it's really been in the last 30 to 60 days that new listings have increased dramatically in most areas.

For example, in the last 30 days in the Valley we've seen Actives (not including UCB's) increase from 4807 to 7066 - a whopping increase of 32%.

Valley breakdown:

Supply continues to increase at a fast rate across most market segments. The effect is most noticeable in the price ranges from $500,000 to $2,000,000.

For Greater Phoenix, single-family detached non-distressed listings without a contract:

• Active listings priced between $500K and $600K have risen from 477 to 1,049 in the last 2 months (120%)
• Active listings priced between $600K and $800K have risen from 546 to 1,111 in the last 2 months (103%)
• Active listings priced between $800K and $1M have risen from 259 to 519 in the last 2 months (100%)
• Active listings priced between $1M and $1.5M have risen from 209 to 468 in the last 2 months (124%)
• Active listings priced between $1.5M and $2M have risen from 91 to 194 in the last 2 months (113%)

Supply is clearly on the rise in most sectors.