Here’s what’s going on in the Phoenix real estate market.
Like most everywhere else in the nation, the Phoenix real estate market is red-hot. Today let’s go over the numbers as of June 7, 2021.
The primary drivers of our market, supply and demand, are completely out of whack. Supply, which has been historically low, is starting to creep up just a little over the last few weeks. Currently, we only have 24% of what we normally would this time of year.
Demand is at 107% of its typical level, in part because almost 300 people a day are moving to Phoenix. Builders in the area are building as much as they can, given the shortage of housing supplies, but they’re unable to keep up with demand.
If you have a home that’s not so pretty, know that this is a good time to ‘dump your junk’; it’s definitely easier to sell lower-quality homes in this market than in a traditional market. In terms of values, home prices rose by 36% from this time last year. Prices are projected to rise for the next 16 months, demonstrating that we’re in a very strong seller’s market. The total number of sales in metropolitan Phoenix just blew away our numbers from 2005, which was a phenomenal year.
If you’re thinking about buying, selling, or both, now is a great time to get in the market. Don’t hesitate to reach out to us with any questions! We’d love to share what your options are.