A reliable indicator of market strength is the listing success rate. This is currently reading around 89%, and has been at this level since July.

The daily chart for all areas and types of homes is attached:

89.6% is as high as this indicator has ever been. The long term average (since 2002) is 66.8%. The maximum reached during the bubble years was 87% in May 2005. By the end of 2005 the listing success rate had plunged back to 63%, an early warning of the impending collapse.

Listing Success Rate

Listing Success Rate

We can conclude that this is the strongest that the Greater Phoenix market has been since 2002.

Data Source: Cromford Report

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