Archives September 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.

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

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