This report is coming a bit early, but let’s dive into our Phoenix real estate update for June 2021. The big news is that housing inventory has been on the rise the past three weeks. As of June 24, 2021, there are approximately 5625 active listings across the Phoenix metro area. Compare this to last month where there were 4887 active listings at the end of the month–this represents a 13% increase in available inventory.
Redfin recently noted in their June 18 report that housing sales have slowed a bit in recent weeks. In our brokerage, sales seem to be going strong for certain types of homes in some price ranges, but not all properties are continuing to fly off the shelf–this could be a sign that the market is beginning to soften–if only just a smidge.
There are 12,151 properties that are under contract and 858 that are “coming soon”. We’ve been asked many times over the past month whether there will be a waive of foreclosures coming. According to Blackknightinc.com, there are more than two million homeowners that are delinquent–hundreds of thousands of those are seriously delinquent. It is not yet clear how many will end up hitting the market as bank owned (REO) properties. We do expect that once the dust settles on mortgage forbearance, our market will be impacted.
Here are some other key MLS stats:
- Since May 31, 2021, there have been 7553 closed sales
- The average days on market for recently closed sales was 26–down from 33 the previous month
- The average list price to sale price ratio jumped to 1.03
- The average dollars per square foot obtained at sale was $291
This chart shows how the active median listing price has changed across the Phoenix metro area over the past two years:
With home loan rates still below 3%, we expect that the market, while softening a bit, will remain strong. Newer homes and older homes that have been renovated and are well located, should sell quickly. Despite the low inventory, we are finding homes for our buyers. If you have thought of selling, the market is still in your favor. Thank you for reviewing our Phoenix real estate update for June 2021. If you have a real estate need or question, please reach out anytime.