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.