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

       The following are statistics to know about the Phoenix Metropolitan Area

                               March 16,2020

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.