The Phoenix real estate market is hopping.Phoenix real estate is hot right now. Home sales shot up in March. There was a 39% increase from February to March for single-family homes. Condo sales went up a whopping 51% in the same period. Demand is hot, and there are just barely enough Phoenix homes for sale to meet it. There are several factors in the sudden increase in home sales. Many millennials, those in their 20s and early 30s, have been renting. However, with rents increasing, purchasing a home is looking like a better financial option.

The other significant factor in the current Phoenix real estate market increase is the return of so-called “boomerang” buyers. These are people who lost their homes to foreclosure or had to do short sales in the real estate crash of 2008. Many of these people have worked to repair their credit since then and are ready to re-enter the home buying market.

With demand so high, it’s very much a seller’s market. Now is probably a good time to consider selling if you’ve been thinking of moving, upgrading, or downsizing. Buyers on the other hand face stiff competition. It’s important for them to be ready to make an offer quickly, especiall in the lower price range.