In our last report, we noted that housing inventory was at historically low levels.
Well, we’ve entered into the absurd. Let’s jump into our Phoenix metro real estate report for January 2021. We currently sit at around 5400 available properties and a few days ago we nearly dipped into the 4000 range. Keep in mind that these figures include all housing types for sale–single family, condo’s, townhomes, patio homes, manufactured housing, etc.
There are a little under 1.3 million households in the Phoenix metro area and our population has swelled to nearly 5 million people. Even for someone not in the biz, it’s easy to see the situation that we face in terms of available housing.
In 2020, we had the second highest year in terms of overall sales–2005 being the highest. The Phoenix metro area continues to be one of the fastest growing counties in the nation.
Provided by NAR
The Phoenix metro area has seen prices increase for several years and 2020 was no exception.
Let’s take a look at some key January stats.
There are 11,225 properties under contract and 564 that are “coming soon”. Since January 1, 2021, there have been 7247 sales. The average dollars per square foot obtained at sale was $208 and the list to sale price ratio was 1.0–meaning that on average, homes are selling for at least the asking price.
The average days on market for sales over the past month was 44.
Although the first few weeks were a bit slow, the market is picking up again and sales activity is strong. Mortgage rates are in the mid 2% range and while inventory is low, we expect sales to remain brisk in the short-term.
Thanks again for checking out Phoenix metro real estate report for January 2021. If you have questions about the market or a particular property, reach out any time.