Market Updates

Oct. 20, 2021

October 2021 Market Update

Forbearance Ends--Not The Seller Market

Supply Up 93% Since April

For Buyers:

The housing supply shortage is still in full swing, and there is online speculation that the end of forbearance may be the source of relief as some homeowners may need to sell. According to Black Knight, the national ...

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Posted in Market Updates
Sept. 16, 2021

September 2021 Market Update

Activity Spiked 20% In $400-800K Range

Sellers Over $1M Enjoying a Hot Summer

For Buyers:

Buyer demand has rallied sharply over the past 4 weeks, which is unusual for this time of year. The rally is exclusively between $400K-$800K, spiking nearly 20% in contract activity since the end of ...

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Posted in Market Updates
Aug. 18, 2021

August 2021 Market Update

Supply Up 42%; Price Reductions Up 131%

Affordability Below Normal

August 2021 Market Update

For Buyers:

There is a little relief ahead for buyers in Greater Phoenix. Supply continues to rise in price points between $300K-$1.5M and buyer demand has settled into a normal seasonal cool down that is expected to last ...

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Posted in Market Updates
July 19, 2021

July 2021 Market Update

What's Ahead as Demand Weakens

Median Sale Price Up 29%

For Buyers:

Buyers with budgets over $300,000 may be noticing that they have more listings to choose from compared to a few months ago. This is especially true in the price points between $400,000 and $800,000 ...

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Posted in Market Updates
June 17, 2021

June 2021 Market Update

Should Buyers Wait?

Median Sale Price Up 32% From 2020

June 2021 Market Report

For Buyers:

There’s a lot of conflicting advice for buyers online these days, and there’s no shortage of headlines advising them to wait. Many authors cite the unpleasantness of multiple competing offers and rising prices as the reason to ...

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Posted in Market Updates
May 18, 2021

May 2021 Market Update

62.8% of Homes Sold Considered Affordable

Median Sales Price Up 27%; Incomes Up 26%

May Cromford

For Buyers:

Despite all the incredible news about rising real estate prices, a family making the median income of $79,000 in Greater Phoenix could still afford 62.8% of what sold in the first ...

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Posted in Market Updates
April 20, 2021

April 2021 Market Update

Luxury Market Explodes
Sale to List Ratio Reaches 101%

Cromford April 2021

FOR BUYERS:

 

With 54% of all sales closed over asking price so far in April, the average sale price per square foot is now higher than the list price for every price range up to $1M.  In a balanced ...

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Posted in Market Updates
March 18, 2021

March 2021 Market Update

44% of Sales Closed Over Asking Price
New Listing Counts Lowest in Over 20 Years

Cromford March 2021

FOR BUYERS:

44% of sales through the Arizona Regional MLS have closed over asking price in the last 30 days. The median amount over asking price for all price ranges combined is $10,000 with ...

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Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood ...

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Posted in Market Updates