The year 2021 will be remembered as a frenzied housing market with low inventory, quick sales, and rising prices. Many markets across the country are experiencing rising inventory and a change in market conditions. Arizona is unique in that job growth and migration are contributing to demand and rising prices, keep demand at frenzied levels.
Statistics are provided courtesy of subscription to the Cromford Report for information specific to Maricopa County, Phoenix, Arizona.
Inventory shown here week by week as compared to 2020 shows more inventory in general, until the final week of the year. Total housing inventory, means condos, lofts, mobile homes, town homes and single family homes. Total inventory in the final week of 2021 is 5,397, fewer than 2020. Notice that 2022 is starting out with even fewer listings, 5201!
Homes are taking a a few days longer to sell. The number of days has ticked upward slowly since June and is currently 33 days, however, notice that this is also a seasonal swing. Inventory will increase and sales may start to react the same as before, quicker in the summer months.
More homes (105,926)were sold in 2021 than the previous, highest volume year of 2005 (103,177). The chart clearly shows rising prices and volume by each price range for all of Metro Phoenix in 2021.
Evidence of the level of sales is reflected in the Expired Listings chart. Included in the chart is the year 2005. By comparison more homes were sold in 2021 than 2005 with fewer expired listings, indicating that homes sold long before the listing expired.
If 2021 has taught us anything is that don't believe national news. Compare your home to homes in Phoenix; and your price range versus the entire city.
With 269 new residents a day in Arizona; 17 companies relocating to Arizona in 2021; and an excellent economy;, it's easy to understand why the Arizona housing market may be different than other areas for several reasons.
For a complete report of your Phoenix zip code and price range please contact me.
If you're buying or selling a home, make sure to use a competent, knowledgeable agent who can provide the best data to help you make an informed decision.