The Phoenix housing market is white hot. Let’s dive into our Phoenix metro real estate update for December 2021. Keep in mind that the stats and info mentioned herein cover all cities/towns in the Phoenix metro area–not just the City of Phoenix.
A few months ago, we were sitting at approximately 7800 active listings–today that number has plummeted to 5885. We are in desperate need of more housing. There are 9932 properties under contract and there are 605 “coming soon” properties.
Over the past sixty days, there have been 17,445 closed sales. The average days on market for recently sold properties was 33 and the average list to sale price ratio was 1.00. For the recently closed sales, the average price per square foot was $302 and the average sold price across the county was an astounding $521,833!
This graph shows how the average list price for under contract homes has changed over the past two years:
Phoenix metro home sellers are still in the drivers seat and it doesn’t look like this market dynamic will change anytime soon. Buyers have the benefit of low interest rates and with some determination, can find their dream home–it may take many offers though before something finally sticks. Home buyers in this market must have thick skin. Thanks for reviewing our Phoenix metro real estate update for December 2021. If you have any questions about Arizona real estate, reach out any time.