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