Archives August 2021

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)

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.