Phoenix Arizona Real Estate Market Update - Inventory is up AGAIN. Will prices go down?
REAL ESTATE MARKET UPDATE - 6/11/2021
For the 7th consecutive week the number of available properties for sale has gone up. Is that starting to drive prices down? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 5,648 Homes for Sale
29,443 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 17.26 Days
The Average Days on Market is 30
The List to Sales Price Ratio is 101.2%
The Average Home Value is $495,703
The Value 1 Year ago was $365,155
1 Year Increase in Value is 26.33%
Let’s go a little deeper…
If the number of homes available for sale is going up, which is supply, then what’s going on with prices? Well, demand which can be measured by the number of properties sold is still high and actually was up a bit this week and has been going up for every week for months. I believe this is just a seasonal jump like we always have this time of the year and this is proved by the average sales price which is up again this week. The Median price is also up 33.1% from last year and 4.6% since last month. So no prices are not coming down they are continuing to go up.
What trends are we seeing?
We are seeing more and more homes continue to stay on the market longer than 14 days. If you’re thinking of buying but want no part of the multiple offers and or paying over asking price you should start there. Look at properties that have only been on the market for 14 days or more. Now, they could just be overpriced or a dog with fleas. Meaning it’s not updated, move-in ready and or a combination of the two. Anyway you slice it though that is a very good place to start if you’d like to get yourself a “deal” in this market.
That’s it for this weeks market update. Please be sure to like or follow us. Stay safe out there and if you have any questions about the Phoenix Real Estate Market you know whom to call.
Call or Text Dean Carver at 602-391-9434 with your real estate questions.