We seem to be in a Seller's market for Metro Phoenix homes for sale. Granted, there are many places in the Metro Phoenix area were homes are still not moving. But Metro Phoenix homes for sale under $200,000 -- and particularly Metro Phoenix homes for sale under $100,000 -- are moving extremely fast. 
It's been quite a long time since we could say that, but statistical evidence points in that direction.
The chart depicts what is known as the Cromford Market IndexTM. Many experts, and myself, consider this report to be every bit as valuable as the Case-Shiller index -- but 3 months more current in its release for the Phoenix homes for sale market. Here is a simple description of the index from founder Mike Orr:
... a value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer's market, while values above 100 indicate a seller's market. A value of 100 indicates a balanced market (http://www.cromfordreport.com).
Realtors trying to find Metro Phoenix homes for sale for clients can testify to this seller's market. We are constantly facing multiple offers undesirable properties. Buyers face a regular dose of frustration when they are outbid on Phoenix homes for sale. This condition parallels what happened in 2004 and 2005, although prices for Phoenix homes for sale will never get that high again.
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