Phoenix, AZ Real Estate News

By Troy Erickson AZ Realtor (602) 295-6807, Your Chandler, Ahwatukee, and East Valley Realtor
(Good Company Real Estate)
Here is the most recent Phoenix AZ Real Estate Housing Market Report for June 2021:  The average sales price of Phoenix homes increased over $5,500 in June, reaching another new all-time high of $509,398. At the same time, the average sold price per square foot increased from $250/sf to $257/sf in June. After dropping for three straight months, days on market for Phoenix homes in June remained the same as in May, at the record low of 23 DOM.  Phoenix home sales jumped to 1,686 in June from 1,595 last month, and sales are 2.8% higher than in June of 2020. The reason 2021 sales are so similar to 2020 sales for June is because even though COVID-19 started shutting down our economy in March of 2020, June is when the Phoenix housing market opened up and rebounded (from 1,241 sales in May to...
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By Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
(Value Added Service, 602-620-2699)
The June home sales activity in the Phoenix Metro Area priced from $1 million to $1.5 million reflect !   During the month of June, 10,212 homes sold in all of Maricopa and parts of Pinal County.  Of that number, 6% sold over $1 million The Active Listings for July 3rd, 2021 reflect  297 homes for sale in all of Maricopa County, and parts of Pinal County, priced from $1 - $1.5 million.  Currently there are 297 homes for sale, much less than previous years and down from the beginning of the year.  Inventory has ticked upward after a drop in the beginning of February, 2021. Inventory has dropped and so have the number of days it takes to sell a home.  If nothing were listed for sale in this price range, all of this inventory would sell in 42 days.   As you can see the days on market has l...
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By Troy Erickson AZ Realtor (602) 295-6807, Your Chandler, Ahwatukee, and East Valley Realtor
(Good Company Real Estate)
Here is the most recent Phoenix AZ Real Estate Housing Market Report for May 2021:  The average sales price of Phoenix homes increased over $9,000 in May, reaching a new all-time high of $503,819. At the same time, the average sold price per square foot increased from $245/sf to $250/sf in May. Days on market for Phoenix homes went down for the third straight month to a new all-time low of 23 DOM.  Phoenix home sales barely increased in May from 1,589 to 1,595, but they are 28.5% higher than in May of 2020. This is mainly due to the COVID-19 pandemic shutting down the economy last March and continuing throughout last year. Phoenix home sales are still lagging behind pre-pandemic numbers, but I think the lack of inventory is impacting sales more than anything else. The number of new lis...
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By Shanna Day Team Leader AZ & UT - Call 480-415-7616, Top 0.33 of 1% of 79,000 AZ Realtors
(Keller Williams Realty EV (AZ) & Keller Williams SLC (UT))
SOLD: 3 Bed 2 Bath Home In North Garfield Historic District!Just think about it: if we listed your home in the early part of May and it went pending less than a week after, we would've closed on it right now. Such is the case with this 3 Bed 2 Bath Brills Addition Home In North Garfield Historic District- SOLD in just over a month! Don't wait before the market shifts; let's start a conversation right now about cashing in on the equity of your home while conditions are still favorable. Call 480-415-7616 ASAP and let's get talking about getting your home sold fast and for top dollar!  Get Your Home Sold With The Shanna Day Team Beautify/Ready To Sell Program!      Click here to view all of the Shanna Day Team Featured Listings FUTURE QUESTIONS If you have any topics or questions you would...
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By Shanna Day Team Leader AZ & UT - Call 480-415-7616, Top 0.33 of 1% of 79,000 AZ Realtors
(Keller Williams Realty EV (AZ) & Keller Williams SLC (UT))
Move Or Invest In These 5 Most Promising Arizona Real Estate Markets!Despite the challenges brought on by the year 2020, the U.S. housing market persevered and for the Arizona real estate market in particular, it has grown to become one of the hottest real estate markets in the nation. Arizona has continue to prove true the confidence bestowed by Zillow research from late 2020 of an 8.2% appreciation in house prices up to September 2021 while keeping up with its over two-decade history of exponential growth in property values. As we've noted these past several months, low mortgage rates coupled with low inventory intensified buyer competition and helped drive home values up. Of course, not every Arizona city is the same so we now take a closer look at which real estate markets in The Va...
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By Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI, Arizona Homes and Land Group/ Buy or Sell
(HomeSmart Real Estate)
Do you want to live in Arcadia neighborhood in Phoenix? Many people do. The Arcadia neighborhood of Phoenix Arizona is immediately to the west of Scottsdale and south of Camelback Mountain and characterized by beautiful traditional homes and estates many with green lawns (irrigated area), large lots and custom homes with traditional themes. See Arcadia in Phoenix Arizona Homes for Sale, named after the utopian or paradise theme of "Arcadia" in mythology, presents a plesant and green alternative from many desert cities in the Southwest. If you are visiting Scottsdale you may have noticed those large homes south of Camelback Road in the area of Camelback Moutain and north of Indian School you are in Arcadia. General borders are east of 44th Street and west of Scottsdale Road. Take a Satur...
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By Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI, Arizona Homes and Land Group/ Buy or Sell
(HomeSmart Real Estate)
The Arcadia neighborhood of Phoenix Arizona is immediately to the west of Scottsdale and south of Camelback Mountain and characterized by beautiful traditional homes and estates many with green lawns (irrigated area), large lots and custom homes with traditional themes. See Arcadia in Phoenix Arizona Homes for Sale, named after the utopian or paradise theme of "Arcadia" in mythology, presents a plesant and green alternative from many desert cities in the Southwest. If you are visiting Scottsdale you may have noticed those large homes south of Camelback Road in the area of Camelback Moutain and north of Indian School you are in Arcadia. General borders are east of 44th Street and west of Scottsdale Road. Take a Saturday and drive through the beautiful neigbhorhoods of Arcadia. See this s...
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By Shanna Day Team Leader AZ & UT - Call 480-415-7616, Top 0.33 of 1% of 79,000 AZ Realtors
(Keller Williams Realty EV (AZ) & Keller Williams SLC (UT))
Our 3 Latest Mesa & Phoenix, AZ Listings Went PENDING In Less Than A Week!Summer hasn't arrived yet but things have already gotten hot, hot, hot- for the East Valley real estate market, that is! If you think getting a couple of new listings under contract fast is good, wait til you see what happened to our most recent selections this week! Open floorplan in the main home with a great room, formal dining room, gorgeous eat-in kitchen and custom window coverings throughout. Standout split floor plan in the casita. Large covered patio and play pool with professionally landscaped backyard. With all these amazing features, no wonder this 5 Bed 3.5 Bath Lehi Crossing Home w/ Casita & Pool went PENDING in less than a week!What did we say again about this inviting one-story cul-de-sac home capt...
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By David Alan Baker Laveen & South Phoenix Realtor, Your local Expert
(Keller Williams Realty Phoenix)
How long to sell a Phoenix House? April 2021The answer to the question is that the length of time to sell a house in Phoenix will vary.  Yet, we can look at some information which can give you a general idea, based on other homes in the Phoenix area. Information is gathered from the MLS (multiple listing service) on ALL properties that are currently on market, under contract or recently sold in Phoenix Az. This will include all property types and price ranges. What is the average time on market for Phoenix homes at this time?39      days is the current average865    plus days is the longest time on market What is the average time on market for Phoenix homes currently under contract?17      days is current average for time to get home under contract514    days is current longest time for...
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By Shanna Day Team Leader AZ & UT - Call 480-415-7616, Top 0.33 of 1% of 79,000 AZ Realtors
(Keller Williams Realty EV (AZ) & Keller Williams SLC (UT))
JUST SOLD: 3 Bed 3 Bath One Of A Kind Remodeled Spanish Ranch Home w/ Pool!Another Urban Revival LLC listing is now in the books. This time, we've made history in the desirable historical Encanto-Palmcroft community with this 3 Bed 3 Bath One Of A Kind Remodeled Spanish Ranch Home w/ Pool we've just SOLD! This crazy exciting period for real estate is definitely no joke- listings are still flying off the shelves as sellers cash in on the equity of their homes! So why stay on the sidelines when you could be laughing all the way to the bank by selling your home fast and for top dollar while the market is this hot, hot, hot? Get Your Home Sold With The Shanna Day Team Beautify/Ready To Sell Program! CallOFFICIAL LISTING AGENT, SHANNA DAYfor any questions or more information:480-415-7616    ...
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By William Cook, Your Mortgage Lending Expert
(Omni Fund, Inc.)
Financial experts have long considered as the best amount to bring for a down payment as twenty percent. However as more Millennials are planing to buy a home in the Phoenix real estate market, many are burdened with student loan debt and others slowly recovering from the shutdowns to save enough funds to pay 20 percent of the agreed sales price of a home can feel as an impossible plan.So, are first-time homebuyers in Phoenix truly coming up with that popular 20 percent? Actually, it varies on who you ask. Some agents in the Valley of the Sun say all of their first-time buyers have come in with 20 percent of the sales price. Many mortgage experts have a bit of a different experience.  Many claim that half of their borrowers have the means to come in with a 20 percent down payment. The o...
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By Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
(Value Added Service, 602-620-2699)
Housing markets across the country are seeing the same phenomenon, low inventory, rising prices and buyer demand exceeding available supply of housing.  Cromford Reports are used to reference all sales activity for all of Maricopa County, which is about a 500 square mile area, which we'll call the Phoenix Metro Area.  Active supply of homes has dropped 66% year over year for March 14 for all price ranges.  Buyers have risen to the occasion with low interest rates and record low inventory has produced multiple offers in days for homes, condos, townhomes and mobile homes.  To the delight of many, inventory ticked up slightly by about 200 listings in the last few days.To compare by price range, this chart clearly shows the decline of affordable homes in the Phoenix Metro Area.  Surprisingl...
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By Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
(Value Added Service, 602-620-2699)
Recently, I read a well deserved featured post "Could you do me a favor if you're able?"  This well written, succinct post written by Dana Hollish Hill, Bethesda, Maryland, is asking agents to please use the features within their MLS to display homes that are potentially wheelchair assessible, among other needed features. Spot on!  That's a huge issue with almost any niche type of search in any MLS.  When those features aren't available, the search takes MUCH longer, making it difficult to find the right homes for those deserving the features. Be dilligent when listing homes for sale.  Make sure to look for every feature, not just how many bedrooms and bathrooms exist.  Noticing every feature will put more eyes on your listing and that visibility just might help it sell faster. Finding ...
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By Shanna Day Team Leader AZ & UT - Call 480-415-7616, Top 0.33 of 1% of 79,000 AZ Realtors
(Keller Williams Realty EV (AZ) & Keller Williams SLC (UT))
Here's The Greater Phoenix Area Real Estate Market Snapshot For February 2021!We're back with another look at the Greater Phoenix Area Real Estate Market, this time with residential data for the month of February 2021. While new listings increased slightly with 8,074 new homes for sale entering the market the past month, it's 6.3% lower compared to the same time last year. Active listings continued to be low with a 8.7% drop from the 8,088 inventory in January 2021 to the 7,379 homes for sale in February 2021. And yes, you have the right idea in mind- monthly sales continue to rise with February 2021 posting 7,250 home sold. That's a 9.4% increase from the prior month's 6,623 homes sold and 5.3% higher from the 6,884 properties that changed hands the same month in 2020. A noteworthy per...
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By Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
(Value Added Service, 602-620-2699)
Across the US the consensus is low housing inventory, rising sales, and more buyers than sellers.  And it's not just housing sales.  The housing rental market is also constrained.  Homes for rent are far and few between so tenants with low credit scores and challenges on their credit history can challenge a tenant in finding an accepting landlord. So how long is this sustainable?  How long before the number of buyers equals the number of sellers?  Part of that answer lies in the mortgage interest rates charged for loans.  If interest rates rise, some buyers may be priced out of the market, as mortage payments increase.  Rising prices have eliminated some buyers already, but when rates dipped into the 2% range, the number of refinances and buyes escalated.  Another part of that answer is...
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By Troy Erickson AZ Realtor (602) 295-6807, Your Chandler, Ahwatukee, and East Valley Realtor
(Good Company Real Estate)
Why owning a Phoenix AZ or East Valley Home is a powerful financial decision.  In today’s housing market, there are clear financial benefits to owning a home: increasing equity, the chance to build your net worth, and appreciating home values, just to name a few. If you’re a renter, it’s never too early to think about how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater financial security and savings. Click on the link below to find out the reason why. Why Owning a Phoenix AZ or East Valley Home is Such a Powerful Decision If you’re ready to start feeling the benefits of stability, savings, and predictability that come with owning a...
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By Shanna Day Team Leader AZ & UT - Call 480-415-7616, Top 0.33 of 1% of 79,000 AZ Realtors
(Keller Williams Realty EV (AZ) & Keller Williams SLC (UT))
The Cromford Report: Inventory Remains Low While Median Sales Price & Luxury Sales Are Up!Rent or buy? The age old question remains but perhaps current circumstances make it easier to make a decision favoring purchasing over renting a home. Both the median sales price and monthly rental rate went up by 18% but when you consider that a 1,500-2,000 sqft home rents at a monthly median of $1,850 (a $250 increase from last year) versus roughly $1,600-$1,700 per month to purchase with 10% down for the same property (backed by a historically low 30-year fixed mortgage rate), buying becomes the all the more attractive option. However, between steadily declining home affordability and a housing shortage in the Greater Phoenix area, buying now than later becomes all the more sensible. Inventory r...
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By Shanna Day Team Leader AZ & UT - Call 480-415-7616, Top 0.33 of 1% of 79,000 AZ Realtors
(Keller Williams Realty EV (AZ) & Keller Williams SLC (UT))
Take A Look At How The January 2021 Greater Phoenix Real Estate Market Compares To January 2020!For the past few years, we've been taking a look how the Greater Phoenix Area Real Estate Market fared month after month, mostly comparing the month that ended with the month prior and lightly touching on the same time the previous year. This time we shift focus by comparing January 2021 with how things were back in January 2020 so we have an idea how much have changed in the span of 12 months. And where to kick off best than with active listings. To highlight the low inventory we've been enjoying for quite some time now, January 2020 had 12,771 properties for sale whereas January 2021 registered only 8,088 active listings. That's nearly four thousand less homes to choose from for buyers last...
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By Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
(Value Added Service, 602-620-2699)
The Phoenix housing market, like a lot of other markets around the country, is experiencing a serious inventory shortage and increasing sales.  Both of these are putting extreme strain on the housing market.Buyers should have considerable downpayments and cash is better.  Provide favorable terms to a seller to compete with others.  Ask the listing agent in advance what terms and closing date are acceptable to a seller.  Asking for a home warranty plan in a purchase offer is a negative to the seller, reducing their net proceeds.  Work to provide the best offer to a seller to be competitive. The following reports are provided via subscription to the Cromford Report. Copying these reports is copyright infringement. Year over year, week 6, active listings have dropped by 58%!  Active listin...
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By Troy Erickson AZ Realtor (602) 295-6807, Your Chandler, Ahwatukee, and East Valley Realtor
(Good Company Real Estate)
Phoenix and East Valley Arizona Housing Outlook for 2021 Even though 40 million people were unemployed, we had an international pandemic for most of the year, and businesses were shutting down left and right, the housing market in Arizona was HOT, HOT, HOT throughout 2020. Extremely low inventory of homes for sale and record-low mortgage rates contributed to the frenzy, as well as the increase in the number of relocations made possible by remote working. Home prices continued to increase like never before, reaching new boundaries, while buyer demand also continued to surge throughout last year. Now that we can finally wave goodbye to 2020, here's a glimpse of what we might expect for the Phoenix and East Valley housing market in 2021. >>Click Here To Read The Entire Article<<  >>Click H...
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