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.