Arizona’s home market is cyclical. Late December to early January is the boom time for home buying. Mid to late summer is typically slower. But, this year is different, according to one Valley real estate firm.
Mindy Jones Nevarez is the owner of Amy Jones Real Estate Group.
The majority of her business is in Chandler and Gilbert. She said the area’s population is growing fast and there are not enough homes to keep up with demand.
“This year is a little unique. We are facing an extreme inventory shortage - in the Valley in general. The Southeast Valley, however, is being hit particularly hard,” Nevarez said.
Nevarez said in Chandler and Gilbert, the average sale time is about 90 days, but in some areas it’s as quick as 30 days or two weeks. She said, by comparison, in June 2005 during the housing boom, home sales averaged about 40 days.
