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.