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.