For Buyers: Buyer demand has rallied sharply over the past 4 weeks, which is unusual for this time of year. The rally is exclusively between $400K-$800K, spiking nearly 20% in contract activity since the end of July. We have to wait until the transactions close and record to identify the buyers but judging from … [Read more...]
July 2021: What’s Ahead for Buyers and Sellers as Demand Decreases?
For Buyers: Buyers with budgets over $300,000 may be noticing they have more listings to choose from compared to a few months ago. This is especially true in the price points between $400,000 and $800,000 where inventory has grown 92% since February. When a buyer has, for example, 4 or 5 homes available that … [Read more...]
New Listing Counts Lowest in Over 20 Years
For Buyers: 44% of sales through the Arizona Regional MLS have closed over asking price in the last 30 days. The median amount over asking price for all price ranges combined is $10,000 with a range between $1 to $310,000. (I know what you’re thinking, “$1 over? What is this, ‘The Price is Right’?” In some cases, … [Read more...]
Median Sales Price Up 18%, Inventory Down 61%
For Buyers: Yes, it’s still a good time to buy. But is it fun? No. Inventory is down 61% from this time last year and competition among buyers is steep. New listings are not keeping up with demand and the purchase experience can be stressful, disappointing, and heartbreaking; but it’s a good time to buy. The … [Read more...]
Local Metro Phoenix/Mesa/Scottsdale Updates
WHAT LIES AHEAD... As you may know, inventory levels are razor thin. There are about 388,000 single family homes listed for sale out of about 84 million in the U.S. That’s historically low, not even a tenth of a percent (.0046%). In 2015 listed home inventory was almost three times what it is … [Read more...]
Is the Arizona Real Estate Market Going to Crash in 2021?
2020 was anything but typical—and not in a good way. From a worldwide pandemic and related economic uncertainty to a tumultuous election, most of us were ready to lock the door and throw away the key when the calendar hit 2021. But one thing is for certain; the Phoenix housing market has been booming in recent months due … [Read more...]
