As the valley's housing market continues to heat up, prices are rising and homes are selling faster than they were a year ago.
The Phoenix area experienced the nation's sharpest drop in housing inventory during February compared with a year earlier, according to data released by Realtor.com.
The following are statistics to know about the Phoenix Metropolitan Area
Total Active Residential Listings 6,769
Total Residential Listings Under contract 10,351
Average Market Time 55.9 days
Compared to last year at this time 72.4 days
List Price vs. sales price 99.0%
Compared to last year 98.2%
Number of sales YTD 12,171
Average Sales Price $430,016
Compared to last year $386,306
Based on current numbers we have an approximate inventory of 42 days. Normal balanced market is 6 months.