Real estate sales and housing inventory across Maricopa County have increased slightly since our last report. Let’s take a look at our Phoenix Metro Real Estate Report for April 2021. As of April 30, there are 4887 active listings–compare this to around 4600 the same time last month. At the end of March, there were 12,768 properties under contract and today that number is 13,105.
“Coming soon” listings are about the same at 772. The average list to sale price ratio is 1.01 and this figure is holding steady in most cities, including Scottsdale. In March, the average dollars per square foot obtained at sale was $239 and today it is $293–quite a large jump in 30 days. The average days on market for recently sold homes is 33. The chart below shows how the average days on market have steadily decreased since 2019.
Historically low mortgage rates coupled with low inventory continue to drive demand across the Phoenix metro area and with a positive net migration and new companies entering our market, real estate sales are likely to stay strong barring events such gas or food shortages. There is of course talk of a real estate bubble and given how long we’ve been in an expanding market, a downturn is absolutely coming–the big question is when?
Thanks for taking a moment to review our Phoenix metro real estate report for April 2021. If you have a real estate question or need, please reach out day or night.