Phoenix inventory has risen slightly since last month and like other parts of the county, the buying frenzy is starting to mellow out. Let's dive into our Phoenix metro real estate update for September 2021. Sales activity is still strong, but we're not seeing as many over-the-top feeding frenzy type negotiations. Nicely renovated homes that are well located are still commanding top dollar (and in some cases more than the asking price), but it's not the panic buying situation we saw early in the year. For folks looking to sell and rent, the situation is not good--as of today, there are
Phoenix Metro Real Estate Report | August 2021
Housing inventory is creeping up slowly. Let's take a look at our Phoenix metro real estate report for August 2021. As of August 16, there are 7021 active properties listed across Maricopa County--compare this number to our last report in May. Overall, there is still a housing shortage and based upon demand, it would likely require an increase of 5000 to 7000 homes before the market became a little more balanced. The problem is that we are still not seeing enough resale listings and not nearly enough new construction. The new construction housing shortage is due to a few factors. One,
Phoenix Real Estate Update | June 2021
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
Phoenix Metro Real Estate Update | May 2021
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
Phoenix Metro Real Estate Report | April 2021
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
Phoenix Metro Real Estate Update | March 2021
In January we reported that housing inventory levels were incredibly low--well, now we've dipped even farther. Let's dig into our Phoenix metro real estate update for March 2021. A few days ago, Phoenix metro housing inventory slid into the three thousand territory--as of March 26, we sit at approximately 4600 active listings across the county (for all product types). What's driving the dramatic decrease in available inventory? We are seeing record numbers of people moving to Arizona, but I think we're also seeing potential sellers hold off on listing because there is no place
Phoenix Metro Real Estate Report | Jan 2021
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
Phoenix Real Estate Report | November 2020
Happy Thanksgiving! Let's get right into our Phoenix real estate report for November 2020. Once again, we've dipped below 8000 active listings and as of 11/25/2020, there are 7722 properties listed across the Phoenix metro area--this is an extremely low number and it is the inventory level, combined with low interest rates, that is driving our hot housing market. Last month we reported that inventory was floating just under 8600 units--we've experienced a significant drop over the past 30 days. Another leading indicator is the average days on market (ADOM) for recently sold
Phoenix Metro Real Estate Update | October 2020
We're still riding low in terms of housing inventory. Let's jump into our Phoenix metro real estate update for October 2020. For the past 30 days, inventory has fluctuated between 7600 and 8500 available units--this includes condo's, single family homes, patio homes and town homes. As of 10/30/2020, we are sitting at 8595 available properties for sale--up from 8100 properties in September. The average days on market for active listings is 71. There are 13805 pending sales and over the past 30 days there have been 9928 sales across the county. The average days on market for recently
Phoenix Metro Real Estate Update | Sept 2020
Real estate sales are still humming across Maricopa County. Let's review our Phoenix metro real estate update for September 2020. Inventory has been bouncing around between 7900 units and 8200 units for the past month. Currently, there are 8108 active properties for sale across the Phoenix metro area. The average days on market for the active listings is 79 days--down from 84. There are 14,227 properties under contract --up 4% since last month–and there are 719 “coming soon” listings. Over the course of the past month, there have been 8178 sales and those sales were on market an
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