Housing inventory has risen 4% over the past 30 days–this trend can be seen in most cities and towns including sub-markets like Scottsdale. Let’s dig into the numbers–here is our Phoenix metro real estate update for May 2021.
Currently, there are 5086 active listings across Maricopa County–this includes all housing types. There are 806 “coming soon” properties–compare this to 772 last month. Distressed inventory, which includes auction properties, foreclosures, short sales and pre-foreclosures is at an all-time low of just 31 properties.
The chart below shows how dramatically the median home sale price has changed over the last two years. The data used includes normal sales (not distressed) and represents single family detached home sales.
Here are some other key metrics to ponder:
- The average list to sale price ratio increased from 1.01 to 1.14
- The average dollars per square foot obtained at sale was $324
- The average days on market for closed sales over the past 30 days dropped 15% to 28
According to Bankrate.com, rates could move up over the next few weeks and months; however, 30 year fixed rates are still amazing. The lowest advertised 30 year mortgage rate is 2.75% with zero points–keep in mind that rates vary based upon a number of factors including ones FICO score.
Given low mortgage rates, a high demand for homes and a housing shortage, we expect that the Arizona real estate market will remain strong through the summer. Thank you for reviewing our Phoenix metro real estate update for May 2021. If we can be of service, reach out anytime.