Hot Hot Hot! Not Phoenix AZ Temps but Home Sales!

By
Real Estate Agent with HomeSmart Real Estate BR632450000

Hot Hot Hot! is a phrase often used to describe the Sunny Phoenix Arizona metro area but that is not what I am referring to. I mean Home Prices and Home Sales and demand is RED HOT in the Phoenix metro!

My last 3 contracts representing buyers in the highly in demand less than $400K homes price were all up against 20 to 35 other contracts from other buyers that we had to deal with.  Buyers with cash, best price (usually above list price),  fastest move in are getting many of these properties which means that families with a mortgage loan are being frustrated. Median Phoenix metro house prices rose to a record high at year end 2021 of $427,000 per the Arizona Regional MLS.

Home prices rise

HOT! Rising to a Record December 2021 Median House Prices of $427,000

$427,000 December 2021

$333,000 December 2020

$290,000 December 2019

Per Catherine Reagor of the Arizona Republic, January 25, 2022, "Metro Phoenix homebuyers won’t get a reprieve from rising prices anytime soon as competition for houses heats up again.

The Valley’s housing market isn’t expected to be as frenzied as it was in 2021, but prices are on track to keep steadily climbing until probably May, according to real estate analysts.

The median home price in the Phoenix area hit a record $427,000 in December 2021, up 28% for the year, according to the Arizona Regional Multiple Listing Service. That number is expected to climb to $430,000 in January, based on pending sales.

Jeff Masich Realtor

Further Reagor wrote, “Normally, at this time of year we have around 16,000 houses listed for sale in metro Phoenix,”per Tina Tamboer, senior housing analyst with the Cromford Report. Now we have half that amount listed for sale.

"She said it’s still a very strong seller market...Tamboer said prices could climb 1% or more a month this year...So-called "iBuyers" and corporate investors are snatching up a growing share of Phoenix-area homes, outbidding many first-time buyers and pushing up prices."

Further, "iBuyers flip homes, but most corporate investors turn them into rentals.

Rents in metro Phoenix are soaring, and investors are snatching up both houses and apartments.

The average rent on a Phoenix-area home or condo climbed almost 20% last year to hit $2,035, according to national research firm CoreLogic. That increase is second only to Miami in the U.S.".......“The market isn’t going to get better for buyers anytime soon,” Tamboer said.

Mortgage rates are also on the rise, but still closer to record lows so this may be a time for buyers to buy in 2022 before both home prices and mortgage rates rise any more.

Meet Jeff Masich REALTOR® for the Phoenix Metro and Scottsdale Arizona

 

Meet Jeff Masich, REALTOR® and ask about homes for sale in the Phoenix Arizona metro area or Scottsdale.

If you are looking to move to Phoenix including Scottsdale or to buy a home in Arizona or sell a home in Arizona, contact Jeffrey Masich, Associate Broker and Realtor. I would be pleased to help you and look out for your best interests while finding you the right home at the right price!

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Jeff Masich

Broker/REALTOR®

Scottsdale including Phoenix, Tucson and Prescott metros and throughout Arizona


Buy/Sell with Arizona Homes and Land Group. Ask me, Group Leader about Metro Homes or Ranches and Large Acreage properties throughout the state.

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Comments (1)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I actually did think you were talking about Phoenix Arizona because I didn’t noticed there was a not in there lol. :

Jan 25, 2022 10:44 PM