Archives 2021

Market Update – Week of September 27^th

Inventory shrank slightly this week and hasn’t changed much over the past 3 weeks. Both buyers and sellers seem to be more confident overall as the market has stabilized a bit. Part of the stabilization may be from some buyers dropping out of the search as the market has priced them out. However, the Phoenix area continues to offer home prices that are below that of many major metropolitan areas so there doesn’t seem to be any indication that the demand will slow in the near future.

The number of homes being sold over list price declined slightly in September thus far with just 46% of homes closing over list vs 49% last month. Additionally, 32% of homes sold for less than list price vs 27% last month.

Residential Real Estate Market Stats by Area
	Median Days on Market	Change	Price/sq ft	Change
Anthem
27-Sep	7	-66.7%	295	0.7%
20-Sep	21	-40.0%	293	4.3%
13-Sep	35	-28.6%	281	-0.7%
6-Sep	49	40.0%	283	-0.4%	Two Week Change
23-Aug	35	0.0%	284	-3.1%	(normally 1 week)
16-Aug	35	25.0%	293	3.9%
9-Aug	28	33.3%	282	1.1%
2-Aug	21	50.0%	279	1.1%
26-Jul	14	-44.0%	276	-5.8%
19-Jul	25	19.0%	293	3.9%
12-Jul	21	50.0%	282	2.5%
5-Jul	14	0.0%	275
28-Jun	14		na
Cave Creek
27-Sep	25	19.0%	333	3.1%
20-Sep	21	-16.0%	323	-1.2%
13-Sep	25	19.0%	327	1.6%
6-Sep	21	50.0%	322	0.0%	Two Week Change
23-Aug	14	-33.3%	322	-1.8%	(normally 1 week)
16-Aug	21	-25.0%	328	0.3%
9-Aug	28	-33.3%	327	-4.4%
2-Aug	42	20.0%	342	-2.0%
26-Jul	35	-37.5%	349	0.0%
19-Jul	56	14.3%	349	-0.6%
12-Jul	49	40.0%	351	7.7%
5-Jul	35	0.0%	326
28-Jun	35		na
Carefree
27-Sep	63	-47.1%	411	-11.2%
20-Sep	119	0.0%	463	-0.2%
13-Sep	119	13.3%	464	0.0%
6-Sep	105	10.5%	464	8.2%	Two Week Change
23-Aug	95	13.1%	429	-3.2%	(normally 1 week)
16-Aug	84	3.7%	443	-1.1%
9-Aug	81	5.2%	448	-3.2%
2-Aug	77	14.9%	463	7.9%
26-Jul	67	26.4%	429	0.0%
19-Jul	53	8.2%	429	0.9%
12-Jul	49	6.5%	425	1.7%
5-Jul	46		418
28-Jun	na		na
Phoenix
27-Sep	21	0.0%	269	-0.7%
20-Sep	21	0.0%	271	0.0%
13-Sep	21	0.0%	271	-0.4%
6-Sep	21	50.0%	272	0.7%	Two Week Change
23-Aug	14	0.0%	270	-0.7%	(normally 1 week)
16-Aug	14	0.0%	272	1.9%
9-Aug	14	0.0%	267	-0.4%
2-Aug	14	0.0%	268	-0.7%
26-Jul	14	0.0%	270	1.1%
19-Jul	14	0.0%	267	-0.7%
12-Jul	14	0.0%	269	0.0%
5-Jul	14	0.0%	269
28-Jun	14		na
Scottsdale
27-Sep	35	0.0%	416	-0.2%
20-Sep	35	0.0%	417	1.2%
13-Sep	35	0.0%	412	0.7%
6-Sep	35	25.0%	409	2.8%	Two Week Change
23-Aug	28	0.0%	398	-1.7%	(normally 1 week)
16-Aug	28	0.0%	405	-0.2%
9-Aug	28	0.0%	406	1.0%
2-Aug	28	0.0%	402	-2.4%
26-Jul	28	0.0%	412	2.5%
19-Jul	28	0.0%	402	0.0%
12-Jul	28	-20.0%	402	1.0%
5-Jul	35	0.0%	398
28-Jun	35		na

Inventory was essentially flat this week and there were a mixture of slight changes in price per foot among the outlined areas with Anthem showing the largest jump in price increase. Scottsdale price per square foot is continuing to increase while Phoenix homes prices have been fairly stable during the past couple of months. Overall, many are starting to refer to the market as stabilizing which means there aren’t as many buyers competing for the same homes. However, there are still more buyers than sellers so it is still a seller’s market and there is still very strong demand for the best homes when they become available. This may change as the weather cools and more people start to visit again in the Fall which could add to the demand again.

According to my friends at First American Title, the median home sold last week was on the market for the following: (note: some areas can have greater fluctuation each week due to a low volume of transactions)

• Area – Median Days on Market
• Anthem – 21 days – price per foot = $293
• Cave Creek – 21 days – price per foot = $323
• Carefree – 119 days – price per foot = $463
• Phoenix – 21 days  – price per foot = $271
• Scottsdale – 35 days – price per foot = $417

Residential Real Estate Market Stats by Area
	Median Days on Mrkt	Change	Price/sq ft	Change
Anthem
20-Sep	21	-40.0%	293	4.3%
13-Sep	35	-28.6%	281	-0.7%
6-Sep	49	40.0%	283	-0.4%	Two Week Change
23-Aug	35	0.0%	284	-3.1%	(normally 1 week)
16-Aug	35	25.0%	293	3.9%
9-Aug	28	33.3%	282	1.1%
2-Aug	21	50.0%	279	1.1%
26-Jul	14	-44.0%	276	-5.8%
19-Jul	25	19.0%	293	3.9%
12-Jul	21	50.0%	282	2.5%
5-Jul	14	0.0%	275
28-Jun	14		na
Cave Creek
20-Sep	21	-16.0%	323	-1.2%
13-Sep	25	19.0%	327	1.6%
6-Sep	21	50.0%	322	0.0%	Two Week Change
23-Aug	14	-33.3%	322	-1.8%	(normally 1 week)
16-Aug	21	-25.0%	328	0.3%
9-Aug	28	-33.3%	327	-4.4%
2-Aug	42	20.0%	342	-2.0%
26-Jul	35	-37.5%	349	0.0%
19-Jul	56	14.3%	349	-0.6%
12-Jul	49	40.0%	351	7.7%
5-Jul	35	0.0%	326
28-Jun	35		na
Carefree
20-Sep	119	0.0%	463	-0.2%
13-Sep	119	13.3%	464	0.0%
6-Sep	105	10.5%	464	8.2%	Two Week Change
23-Aug	95	13.1%	429	-3.2%	(normally 1 week)
16-Aug	84	3.7%	443	-1.1%
9-Aug	81	5.2%	448	-3.2%
2-Aug	77	14.9%	463	7.9%
26-Jul	67	26.4%	429	0.0%
19-Jul	53	8.2%	429	0.9%
12-Jul	49	6.5%	425	1.7%
5-Jul	46		418
28-Jun	na		na
Phoenix
20-Sep	21	0.0%	271	0.0%
13-Sep	21	0.0%	271	-0.4%
6-Sep	21	50.0%	272	0.7%	Two Week Change
23-Aug	14	0.0%	270	-0.7%	(normally 1 week)
16-Aug	14	0.0%	272	1.9%
9-Aug	14	0.0%	267	-0.4%
2-Aug	14	0.0%	268	-0.7%
26-Jul	14	0.0%	270	1.1%
19-Jul	14	0.0%	267	-0.7%
12-Jul	14	0.0%	269	0.0%
5-Jul	14	0.0%	269
28-Jun	14		na
Scottsdale
20-Sep	35	0.0%	417	1.2%
13-Sep	35	0.0%	412	0.7%
6-Sep	35	25.0%	409	2.8%	Two Week Change
23-Aug	28	0.0%	398	-1.7%	(normally 1 week)
16-Aug	28	0.0%	405	-0.2%
9-Aug	28	0.0%	406	1.0%
2-Aug	28	0.0%	402	-2.4%
26-Jul	28	0.0%	412	2.5%
19-Jul	28	0.0%	402	0.0%
12-Jul	28	-20.0%	402	1.0%
5-Jul	35	0.0%	398
28-Jun	35		na

Residential Real Estate Market Stats by Area
	Median Days on Market	Change	Price/sq ft	Change
Anthem
13-Sep	35	-28.6%	281	-0.7%
6-Sep	49	40.0%	283	-0.4%	Two Week Change
23-Aug	35	0.0%	284	-3.1%	(normally 1 week)
16-Aug	35	25.0%	293	3.9%
9-Aug	28	33.3%	282	1.1%
2-Aug	21	50.0%	279	1.1%
26-Jul	14	-44.0%	276	-5.8%
19-Jul	25	19.0%	293	3.9%
12-Jul	21	50.0%	282	2.5%
5-Jul	14	0.0%	275
28-Jun	14		na
Cave Creek
13-Sep	25	19.0%	327	1.6%
6-Sep	21	50.0%	322	0.0%	Two Week Change
23-Aug	14	-33.3%	322	-1.8%	(normally 1 week)
16-Aug	21	-25.0%	328	0.3%
9-Aug	28	-33.3%	327	-4.4%
2-Aug	42	20.0%	342	-2.0%
26-Jul	35	-37.5%	349	0.0%
19-Jul	56	14.3%	349	-0.6%
12-Jul	49	40.0%	351	7.7%
5-Jul	35	0.0%	326
28-Jun	35		na
Carefree
13-Sep	119	13.3%	464	0.0%
6-Sep	105	10.5%	464	8.2%	Two Week Change
23-Aug	95	13.1%	429	-3.2%	(normally 1 week)
16-Aug	84	3.7%	443	-1.1%
9-Aug	81	5.2%	448	-3.2%
2-Aug	77	14.9%	463	7.9%
26-Jul	67	26.4%	429	0.0%
19-Jul	53	8.2%	429	0.9%
12-Jul	49	6.5%	425	1.7%
5-Jul	46		418
28-Jun	na		na
Phoenix
13-Sep	21	0.0%	271	-0.4%
6-Sep	21	50.0%	272	0.7%	Two Week Change
23-Aug	14	0.0%	270	-0.7%	(normally 1 week)
16-Aug	14	0.0%	272	1.9%
9-Aug	14	0.0%	267	-0.4%
2-Aug	14	0.0%	268	-0.7%
26-Jul	14	0.0%	270	1.1%
19-Jul	14	0.0%	267	-0.7%
12-Jul	14	0.0%	269	0.0%
5-Jul	14	0.0%	269
28-Jun	14		na
Scottsdale
13-Sep	35	0.0%	412	0.7%
6-Sep	35	25.0%	409	2.8%	Two Week Change
23-Aug	28	0.0%	398	-1.7%	(normally 1 week)
16-Aug	28	0.0%	405	-0.2%
9-Aug	28	0.0%	406	1.0%
2-Aug	28	0.0%	402	-2.4%
26-Jul	28	0.0%	412	2.5%
19-Jul	28	0.0%	402	0.0%
12-Jul	28	-20.0%	402	1.0%
5-Jul	35	0.0%	398
28-Jun	35		na

Market Update – Week of September 6^th

The number of single family detached homes has continued to rise slightly with following numbers available as of the 6th:

Total Valley Wide:           6,780 vs. 6,515 two weeks ago

Under $1 million:             5,775 vs. 5,521 two weeks ago

Under $500k:                    3,347 vs. 3,175 two weeks ago

However, buyer demand is still very strong with good homes continuing to go under contract quickly.

According to my friends at First American Title, the median home sold last week was on the market for the following: (note: some areas can have greater fluctuation each week due to a low volume of transactions)

• Area – Median Days on Market
• Anthem – 49 days – price per foot = $283
• Cave Creek – 21 days – price per foot = $322
• Carefree – 105 days – price per foot = $464
• Phoenix – 21 days  – price per foot = $272
• Scottsdale – 35 days – price per foot = $409

Residential Real Estate Market Stats by Area
	Median Dys on Mrkt	Change	Price/sq ft	Change
Anthem
6-Sep	49	40.0%	283	-0.4%	Two Week Change
23-Aug	35	0.0%	284	-3.1%	(normally 1 week)
16-Aug	35	25.0%	293	3.9%
9-Aug	28	33.3%	282	1.1%
2-Aug	21	50.0%	279	1.1%
26-Jul	14	-44.0%	276	-5.8%
19-Jul	25	19.0%	293	3.9%
12-Jul	21	50.0%	282	2.5%
5-Jul	14	0.0%	275
28-Jun	14		na
Cave Creek
6-Sep	21	50.0%	322	0.0%	Two Week Change
23-Aug	14	-33.3%	322	-1.8%	(normally 1 week)
16-Aug	21	-25.0%	328	0.3%
9-Aug	28	-33.3%	327	-4.4%
2-Aug	42	20.0%	342	-2.0%
26-Jul	35	-37.5%	349	0.0%
19-Jul	56	14.3%	349	-0.6%
12-Jul	49	40.0%	351	7.7%
5-Jul	35	0.0%	326
28-Jun	35		na
Carefree
6-Sep	105	10.5%	464	8.2%	Two Week Change
23-Aug	95	13.1%	429	-3.2%	(normally 1 week)
16-Aug	84	3.7%	443	-1.1%
9-Aug	81	5.2%	448	-3.2%
2-Aug	77	14.9%	463	7.9%
26-Jul	67	26.4%	429	0.0%
19-Jul	53	8.2%	429	0.9%
12-Jul	49	6.5%	425	1.7%
5-Jul	46		418
28-Jun	na		na
Phoenix
6-Sep	21	50.0%	272	0.7%	Two Week Change
23-Aug	14	0.0%	270	-0.7%	(normally 1 week)
16-Aug	14	0.0%	272	1.9%
9-Aug	14	0.0%	267	-0.4%
2-Aug	14	0.0%	268	-0.7%
26-Jul	14	0.0%	270	1.1%
19-Jul	14	0.0%	267	-0.7%
12-Jul	14	0.0%	269	0.0%
5-Jul	14	0.0%	269
28-Jun	14		na
Scottsdale
6-Sep	35	25.0%	409	2.8%	Two Week Change
23-Aug	28	0.0%	398	-1.7%	(normally 1 week)
16-Aug	28	0.0%	405	-0.2%
9-Aug	28	0.0%	406	1.0%
2-Aug	28	0.0%	402	-2.4%
26-Jul	28	0.0%	412	2.5%
19-Jul	28	0.0%	402	0.0%
12-Jul	28	-20.0%	402	1.0%
5-Jul	35	0.0%	398
28-Jun	35		na

Market Update – Week of August 16, 2021

Over/Under List Price for Past 30 days for Single Family Detached Homes in North Phoenix, North Scottsdale, Anthem, Cave Creek, Carefree ($400k – $1million)

(301 closed sales July 16 – August 16, 2021)

Over List Price	51.83%
Under List Price	26.25%
At List Price	21.93%

According to my friends at First American Title, the median home sold last week was on the market for the following: (note: some areas can have greater fluctuation each week due to a low volume of transactions)

• Anthem – 35 days (up from 28) – price per foot = $293 (up from 282)
• Cave Creek – 21 days (dn from 28) – price per foot = $328 (up from 327)
• Carefree – 84 days (up from 81) – price per foot = $443 (dn from 448)
• Phoenix – 14 days (unchanged) – price per foot = $272 (up from $267)
• Scottsdale – 28 days (unchanged) – price per foot = $405 (dn from 406)

The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.

What does this mean?

The most recent trends on inventory and demand are continuing. Although we had a slowdown in the inventory growth for homes under 500k last week, the growth came back up this week so there are definitely a few more options for buyers. However, the best homes in either condition or location are still selling very quickly while homes that are priced higher than their condition are staying on the market a bit longer. These properties may offer opportunities to purchase below asking price. Overall demand is still strong this summer but maybe not quite as frenzied as it has been for the first 5 or 6 months of the year. However, demand may increase again in the Fall as residents return from vacations and visitors begin to return as well. These factors may make it a good time to buy now prior to Fall.

Market Update – Week of August 9, 2021

The number of detached single-family homes on the market in the Valley:

• Home inventory increased again this week but at a slower pace coming in at 6,301 vs 6,233 a week ago – a 1% increase.
• Under $1 million inventory increased as well with 5,283 vs 5,228 a week ago – a 1.5% increase.
• Under $500k inventory decreased with 2,998 vs 3,022 a week ago – a .7% decrease

According to my friends at First American Title, the median home sold last week was on the market for the following: (note: some areas can have greater fluctuation each week due to a low volume of transactions)

• Anthem – 28 days (up from 21) – price per foot = $282 (up from 279)
• Cave Creek – 28 days (dn from 42) – price per foot = $327 (down from 342)
• Carefree – 81 days (up from 77) – price per foot = $448 (dn from 463)
• Phoenix – 14 days (unchanged) – price per foot = $267 (dn from $268)
• Scottsdale – 28 days (unchanged) – price per foot = $406 (up from 402)

The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.

What does this mean?

There seemed to be a pause/slowdown in the inventory growth this week. There was also quite a bit of traffic at several open houses or home showings I attended this past weekend so it is still a seller’s market. Some of the homes were very likely going to get multiple offers and sell for over asking price. However, I was also able to help some clients get a really nice home for under asking price. The added inventory over the past few months has definitely helped buyers but really good homes will sell very quickly when priced strategically. The important thing is to be able to look at the data before making an offer or putting your home on the market to make sure the price is appropriate for you and your needs.

Market Update – Week of August 2, 2021

The number of detached single-family homes on the market in the Valley:

• Home inventory increased again this week coming in at 6,233 vs 6,135 a week ago – a 1.6% increase.
• Under $1 million inventory increased as well with 5,228 vs 5,098 a week ago – a 2.5% increase.
• Under $500k inventory also increased with 3,022 vs 2,943 a week ago – a 2.6% increase

According to my friends at First American Title, the median home sold last week was on the market for the following: (note: some areas can have greater fluctuation each week due to a low volume of transactions)

• Anthem – 21 days (up from 14) – price per foot = $279 (up from 276)
• Cave Creek – 42 days (up from 35) – price per foot = $342 (down from 349)
• Carefree – 77 days (up from 67) – price per foot = $463 (up from 429)
• Phoenix – 14 days (unchanged) – price per foot = $268 (down from $270)
• Scottsdale – 28 days (unchanged) – price per foot = $402 (down from 412)

The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.

What does this mean?

The month of July added around a 13% increase in inventory providing some relief to potential buyers but the best homes are still selling very fast and often still requiring over asking price offers but the more dated or un-updated homes are starting to stay on the market longer – especially when trying to get top dollar so it is very important to price these types of homes accordingly when putting them on the market.

Real Estate Market Update – Week of July 26th

In addition to the usual information that I provide weekly, I did another analysis on the Over/Under List Price stats for homes in the North Valley (N Phoenix, N Scottsdale, Anthem, Cave Creek & Carefree).

Summary of the 193 homes that closed in this area from July 1 – July 25, 2021:

43 (22%) sold for under list price

44 (23%) sold for list price (included homes within $100 of list price)

106 (55%) sold for above list price

Of the homes that sold for:

Under list price – the median was $10k Under list price

Over list price – the median was $25k Over list price

Let me know if you would like to see the entire spreadsheet of transactions – I’d be happy to send it to you.

The number of detached single-family homes on the market in the Valley:

• Home inventory increased again this week coming in at 6,135 vs 6,008 a week ago – a 2.1% increase.
• Under $1 million inventory increased as well with 5,98 vs 4,972 a week ago – a 2.5% increase.
• Under $500k inventory also increased with 2,943 vs 2,885 a week ago – a 2% increase

According to my friends at First American Title, the median home sold last week was on the market for the following: (note: some areas can have greater fluctuation each week due to a low volume of transactions)

• Anthem – 14 days (down from 25) – price per foot = $276 (down from 293)
• Cave Creek – 35 days (down from 56) – price per foot = $349 (unchanged)
• Carefree – 67 days (up from 53) – price per foot = $429 (unchanged)
• Phoenix – 14 days (unchanged) – price per foot = $270 (up from $267)
• Scottsdale – 28 days (unchanged) – price per foot = $412 (up from 402)

The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.

What does this mean?

It’s still a strong sellers market but buyers do have a few more choices. However, buyers still must act very quickly to get the best homes. Homes in below average condition that are priced too high without regard to the below average condition are remaining on the market for longer periods of time. I’ve seen homes in this condition remain on the market for several weeks even though the neighborhood or area market is still very hot. Even homes that have “dated” finishes have had to reduce asking prices in many cases.

Market Update – Week of July 19th

The number of detached single-family homes on the market in the Valley:

• Home inventory increased again this week coming in at 6,008 vs 5,839 a week ago – a 2.8% increase.
• Under $1 million inventory increased as well with 4,972 vs 4,804 a week ago – a 3.5% increase.
• Under $500k inventory also increased with 2,885 vs 2,787 a week ago – a 3.5% increase

According to my friends at First American Title, the median home sold last week was on the market for the following:

• Anthem – 25 days (up from 21) – price per foot = $293 (up from 282)
• Cave Creek – 56 days (up from 49) – price per foot = $349 (Down from 351)
• Carefree – 53 days (up from 49) – price per foot = $429 (up from 425)
• Phoenix – 14 days – price per foot = $267 (down from $269)
• Scottsdale – 28 days (unchanged) – price per foot = $402 (unchanged)

The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.

What does this mean?

Overall, home prices are starting to stabilize as can be seen from the stats above but we’ll need to continue to watch the trends going forward. Homes under $400k are still selling quickly but location and condition are starting to be a factor in just how quickly. The number of multiple offers on individual homes seem to be going down but the best properties are still getting multiple offers.

If you are planning to sell a home in below average condition soon, it may be better to list it sooner than later as the inventory continues to grow and buyers have more options in the market. If your home is in superior condition, your home will almost always gain more interest and attention even as the inventory increases.

Market Update – Week of July 12th

The number of detached single-family homes on the market in the Valley:

• As expected, available homes increased again this week coming in at 5,839 vs 5,462 a week ago – a 6.9% increase – larger due to less activity last week during the holiday.
• Under $1 million inventory increased as well with 4,804 vs 4,466 a week ago – a 7.5% increase.
• Under $500k inventory also increased with 2,787 vs 2,607 a week ago – a 6.9% increase

According to my friends at First American Title, the median home sold last week was on the market for the following:

• Anthem – 21 days (up from 14) – price per foot = $282 (up from 275)
• Cave Creek – 49 days (up from 35) – price per foot = $351 (Up from 326)
• Carefree – 49 days (up from 45) – price per foot = $425 (from 418)
• Phoenix – 14 days – price per foot = $269 (both unchanged)
• Scottsdale – 28 days (down from 35) – price per foot = $402 (up from 398)

The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.

What does this mean?

Homes are still selling very quickly with the best homes continuing to sell within a few days but below average homes are starting to take longer to sell. Although the inventory is continuing to grow, we are still far from what our “normal” inventory level is in the valley and multiple offers are still most common. However, as we go forward, there will likely be a larger gap in pricing between the best homes and the below average homes (less updated and/or less popular lot locations). This gap will allow investors/flippers to have more room to work with to improve homes and still make a profit. A large percentage of homes I see need some kind of updating – not to make them livable but to make them more “current.” An updated home almost always brings in more interest from buyers and a higher sales amount for sellers.