January 2021 Phoenix Home Market Report

By
Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000

The Phoenix housing market, like a lot of other markets around the country, is experiencing a serious inventory shortage and increasing sales.  Both of these are putting extreme strain on the housing market.

Buyers should have considerable downpayments and cash is better.  Provide favorable terms to a seller to compete with others.  Ask the listing agent in advance what terms and closing date are acceptable to a seller.  Asking for a home warranty plan in a purchase offer is a negative to the seller, reducing their net proceeds.  Work to provide the best offer to a seller to be competitive. 

The following reports are provided via subscription to the Cromford Report. Copying these reports is copyright infringement. 

Year over year, week 6, active listings have dropped by 58%!  Active listings are down 76% since Week 6 of 2017!  

Active Listings, Phoenix January 2021

How long would it take if all of the Active listings sold in Phoenix that are on the market sold?  Twenty-one days!

 

Days Inventory Phoenix, January 2021

With covid's new strain on the horizon and while we wait for the vacine, how many people are losing their homes to foreclosure.  Not many! 

In  a city of 4.6 million people in the Phoenix area of Maricopa County, 34 homes were sold to a private party and 6 homes reverted to the "beneficiary", the lender, in January 2021.  The housing market is so strong that buyers would welcome more homes to choose from if homeowners went into default and lost their homes to foreclosure.    

Trustees Sales Phoenix January 2021

Buyers have been busy buying homes even before they hit the MLS!  It's not uncommon to review the day's list of new listings on day one and see them already in pending status.  

Listings under contract are 6% higher than January, 2020!   The year started out higher in listings under contract from January 1 forward. 

Listings Under Contract Phoenix January 2021

The current Median Sales Price is $349,950; exceeding the year over year price of $295,000 the first of February 2020.  The Median Sales Price has risen 16% year over year.  The previous highest median sales  price in Phoenix was $265,000 for June, 2006.

 

Median Sales Price Phoenix January 2021

The unique capability of the Cromford Report to be able to provide Under Contract Price per square foot helps buyers to understand where prices are currently going, before sales close.  Prices for homes under contract have risen 17% year over year.

Under Contract Prices Phoenix January 2021

Phoenix is experiencing unprecedented growth with a favorable economic climate as well.   Check out this article from the Greater Phoenix Economic Council!

If you are relocating to the Phoenix area, select an experienced agent to help with the process!

 

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Comments (11)

Hrisco & Associates
Hrisco & Associates - Roanoke, TX
Roanoke Homes for Sale - Roanoke Neighborhoods

21 days on Market, to say the PHX/Scottsdale market is hot would be an understatement....great info, have friends out there...will pass on.

Feb 09, 2021 12:09 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Jan... I could take these graphs and put the name Charlotte over them and you'd never know the difference!

Feb 09, 2021 04:14 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Jan Green - I see that people are still hesitant to list.  Maybe it is being able to find something else or maybe it is Covid related.

Feb 09, 2021 06:39 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Good morning Jan Green great market report. The entire valley has transformed itself immensely from the days of its recession in the 70s

Feb 09, 2021 08:09 AM
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Hrisco & Associates .  Lots of us on FB groups are comparing notes on how many offers they've seen.  Yesterday I lost out on a $367,000 home that was sold for $411,000, cash, 26 offers!

Feb 09, 2021 11:48 AM
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

I bet, Nina Hollander , which is why I write the first sentence that way!  Craziness everywhere!

Feb 09, 2021 11:48 AM
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Grant Schneider there are several reasons why it's nutty.  People may be holding off as move up buyers becuase they already have great interest rates, baby boomers aging in place.  Either way it's frustrating!

Feb 09, 2021 11:49 AM
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Oh yeah Rocky Dickerson !  Much, much different here now.  New construction is on the outskirts inMaricopa County. but our infrastructure has expanded significantly as well.   We have the I-10, 101, 202 and now the 303!

Feb 09, 2021 11:51 AM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Phoenix home buyers and sellers are certain to value your real estate market report, Jan.

Feb 12, 2021 08:45 AM
Hrisco & Associates
Hrisco & Associates - Roanoke, TX
Roanoke Homes for Sale - Roanoke Neighborhoods

26 offers...wowser, sounds like 2015 when Toyoto North America moved to Frisco....Yeah, the 200-400 price range is hot right now....a relo client I'm working with, had multiple offers on all the properties he liked so far...this 2nd time around the property received 12 offers over this past weekend.  Just found out this afternoon that we won the day, WOOHOO!...just executed it a short time ago....guess some of those vet tactics are paying off....

Feb 17, 2021 02:30 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

You know the market well Jan as an experienced agent in the Great Phoenix area. New contruction is getting a huge boost across the nation as well due to the shortage in inventory!

Mar 03, 2021 05:51 PM

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