The housing market is hot 🔥 right now! Sellers: If you are even considering selling right now, fill out the form below and we’ll give you your Home Sale evaluation AND a rental analysis including info on short term rentals like AirBnB.
It’s slim pickings for buyers in Greater Phoenix these days unless your budget is over $500,000. Overall the number of homes on the market is 14% lower than last August while contracts in escrow are 15.5% higher! There are a plethora of zip codes considered “frenzies”, where there are literally more properties under contract than there are active for sale; all of them with an average sale price below $400,000. This is unusual for August, which is typically a much softer month. Buyers will have a slightly easier time in more expensive areas such as Central Phoenix, Ahwatukee, South Tempe and the Northeast Valley, but not much unless they’re willing to go further out or increase their budget. Any projections of prices flattening out or coming down in Greater Phoenix this year have been obliterated.
As the number of homes on the market continues to plummet, fewer sellers are deciding to sell. July was THE lowest month for brand new listings going all the way back to the year 2001. That’s significant because the population today is 50% larger and the number of housing units is 63% higher than it was 18 years ago.. Despite the frenzy market, the annual appreciation rate for Greater Phoenix is just 6.4% and sales between $225K-$500K are clocking 3.5-4.0% on average.