I don’t typically do Market Reports, there are dozens of sources that specialize in reporting on both the broader market and the nuances of each region of the country. But of course, I like to keep my finger on the pulse of the market. Anyone in this business needs to stay tuned in to the ever-changing face of real estate.
Today I received a market report from one of my partners and I could not help but share this remarkable data. The report was quite lengthy with several interesting facts and figures on the state of the real estate market in the Phoenix Metro.
A couple of things stood out to me that explained in essence the current market and what buyers, sellers, and renters are facing today. I clipped out two sections to emphasize the data.
The first graphic shows six bullet points five of which are predictions that may or may not be accurate. But it was number five that held the most ammunition for why real estate has seen strong appreciation in 2020 and should continue in 2021. The number of listing in the Phoenix metro is 71% below normal!
The second graphic shows the state of the rental market across the country and once again explains why the demand for buying is so high in the Phoenix metro. With today’s low-interest rates buying can truly be more affordable than renting if you are lucky enough to find a home to purchase.
I will continue to keep my eye on the Phoenix market and do my best to stay in tune with current events. I just wish I had more listings.
Joe Domino is a Realtor® serving the Phoenix/Scottsdale area. Need more information? Or to Search for your next home, visit www.Scottsdale-AZHomes.com