Ahwatukee Real Estate Market Reports: |
Ahwatukee Foothills, Arizona Home Sales Prices:
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2021
The Ahwatukee median sales price has remained pretty steady over the last five months, and could be a sign that prices are slowing. However, January median sales price have dropped off significantly in January of the previous two years, but did not to begin 2021. That may mean that median sales prices in Ahwatukee are still climbing up. February saw a large increase in the median sales price for Ahwatukee.
2017-2020
The Ahwatukee median home sales prices have had a pretty steady increase over the last 4 years, from a low of $287,500 in January of 2017, to a high of $420,000 in September of 2020, and now January of 2021. Home prices seem to increase each year after the first few months of the year. They tend to drop off each year in November, but surge upward in December before falling to yearly lows in January.
As the Coronavirus hit the US Housing market and shut down our economy in mid March, home prices have started to decrease. Home prices have dropped in April and May after rising sharply in March, but are still much higher than any previous year back to 2012. We will have to see if home prices can withstand the economic shutdown long-term, as over 40 million people have lost their jobs, and many business have been closed by the government due to the pandemic. June and July have seen increases to the median sales price of homes up to $410,000, as the economy tries to get going again. August saw a slight decrease as the housing market begins it's annual fall slowdown, but September saw a fairly large increase to an all-time high of $420,000, which is not typical this late into the year. October saw a dip, but November and December bounced back up to almost what it was in September.
The Ahwatukee median sales price has remained pretty steady over the last five months, and could be a sign that prices are slowing. However, January median sales price have dropped off significantly in January of the previous two years, but did not to begin 2021. That may mean that median sales prices in Ahwatukee are still climbing up. February saw a large increase in the median sales price for Ahwatukee.
2017-2020
The Ahwatukee median home sales prices have had a pretty steady increase over the last 4 years, from a low of $287,500 in January of 2017, to a high of $420,000 in September of 2020, and now January of 2021. Home prices seem to increase each year after the first few months of the year. They tend to drop off each year in November, but surge upward in December before falling to yearly lows in January.
As the Coronavirus hit the US Housing market and shut down our economy in mid March, home prices have started to decrease. Home prices have dropped in April and May after rising sharply in March, but are still much higher than any previous year back to 2012. We will have to see if home prices can withstand the economic shutdown long-term, as over 40 million people have lost their jobs, and many business have been closed by the government due to the pandemic. June and July have seen increases to the median sales price of homes up to $410,000, as the economy tries to get going again. August saw a slight decrease as the housing market begins it's annual fall slowdown, but September saw a fairly large increase to an all-time high of $420,000, which is not typical this late into the year. October saw a dip, but November and December bounced back up to almost what it was in September.
Ahwatukee Foothills, Arizona Home Sales:
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2021
The number of Ahwatukee home sales started off the new year the highest it has been over the last three years. Even though inventory has been low over the last two years, home sales have not dropped off. There is still high demand for homes in Ahwatukee. However, February saw a drop off in home sales, partially due to the lack of inventory of homes for sale. Hopefully March will see an increase as we head into the busy season.
2017-20
The number of Ahwatukee home sales has been pretty consistent over the last 3 years, with a difference of just 14 total sales between all 3 years. May of 2018 saw the largest number of home sales in Ahwatukee, coming in at 172 sales, while January of 2019 saw the fewest homes being sold in Ahwatukee, with 64 homes sold.
It looked like 2020 was getting off to a much better start than in 2019, but things started slowing in mid-march when the Coronavirus hit the US Housing market and shut down our economy. Although there was still an increase in Ahwatukee home sales in March, it didn't jump as in previous years. We will have to see if home sales can withstand the economic shutdown long-term, as over 40 million people lost their jobs, and many business were closed by the government due to the pandemic. April saw a slight decrease in home sales, but that month has seen a decrease in 2 of the last 3 years. Home sales in May through July started to climb back up, reaching a high for 2020 of 147 in July. August and September saw a significant drop-off in Ahwatukee home sales, but they are much higher than the previous 3 years. October saw a nice increase in home sales, which hasn't been the case since 2017. November saw slightly fewer home sales than the previous month, but is significantly higher than this time of year over the last 3 years (where home sales usually start declining in July or August). 2020 ended the year with an increase in home sales.
The number of Ahwatukee home sales started off the new year the highest it has been over the last three years. Even though inventory has been low over the last two years, home sales have not dropped off. There is still high demand for homes in Ahwatukee. However, February saw a drop off in home sales, partially due to the lack of inventory of homes for sale. Hopefully March will see an increase as we head into the busy season.
2017-20
The number of Ahwatukee home sales has been pretty consistent over the last 3 years, with a difference of just 14 total sales between all 3 years. May of 2018 saw the largest number of home sales in Ahwatukee, coming in at 172 sales, while January of 2019 saw the fewest homes being sold in Ahwatukee, with 64 homes sold.
It looked like 2020 was getting off to a much better start than in 2019, but things started slowing in mid-march when the Coronavirus hit the US Housing market and shut down our economy. Although there was still an increase in Ahwatukee home sales in March, it didn't jump as in previous years. We will have to see if home sales can withstand the economic shutdown long-term, as over 40 million people lost their jobs, and many business were closed by the government due to the pandemic. April saw a slight decrease in home sales, but that month has seen a decrease in 2 of the last 3 years. Home sales in May through July started to climb back up, reaching a high for 2020 of 147 in July. August and September saw a significant drop-off in Ahwatukee home sales, but they are much higher than the previous 3 years. October saw a nice increase in home sales, which hasn't been the case since 2017. November saw slightly fewer home sales than the previous month, but is significantly higher than this time of year over the last 3 years (where home sales usually start declining in July or August). 2020 ended the year with an increase in home sales.
Ahwatukee, AZ Home Inventory:
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2021
The inventory of Ahwatukee homes for sale decreased in January the same as it has the last four years. February saw an increase in the inventory of homes for sale, which is the first time that has happened since 2018. Still, the lack of inventory of homes available for sale continues to increase home prices and demand.
2017-20
As you look at the graph above, you can see that the inventory of homes in Ahwatukee, AZ has decreased from a high of 354 in June of 2017 to an all-time low of 75 in June of 2020. Ahwatukee home inventory has seen a pretty steady decrease between the high of 354 in June of 2017 up through February of 2020. Since then we have seen the inventory of homes in Ahwatukee increase from 111 in January to 158 in April, a 42% increase in 3 months. We will have to see if this trend continues, as the Coronavirus has hit the US Housing market and shut down our economy. Over 40 million people were unemployed, and many business were closed by the government due to the pandemic. May and June saw decreases in home inventory, to an all-time-low of 75 Ahwatukee homes for sale. Inventory in Ahwatukee has increased July through October, back up to 161 homes for sale, which is actually higher than October of last year. November and December saw a decrease in inventory, which is more typical for this time of year.
With the average number of Ahwatukee homes sold in the last 6 months decreasing to 117, and home inventory increasing to 101, this leaves a slight decrease in the absorption rate to 0.86 months, which is still very low, and signals a seller's market.
The inventory of Ahwatukee homes for sale decreased in January the same as it has the last four years. February saw an increase in the inventory of homes for sale, which is the first time that has happened since 2018. Still, the lack of inventory of homes available for sale continues to increase home prices and demand.
2017-20
As you look at the graph above, you can see that the inventory of homes in Ahwatukee, AZ has decreased from a high of 354 in June of 2017 to an all-time low of 75 in June of 2020. Ahwatukee home inventory has seen a pretty steady decrease between the high of 354 in June of 2017 up through February of 2020. Since then we have seen the inventory of homes in Ahwatukee increase from 111 in January to 158 in April, a 42% increase in 3 months. We will have to see if this trend continues, as the Coronavirus has hit the US Housing market and shut down our economy. Over 40 million people were unemployed, and many business were closed by the government due to the pandemic. May and June saw decreases in home inventory, to an all-time-low of 75 Ahwatukee homes for sale. Inventory in Ahwatukee has increased July through October, back up to 161 homes for sale, which is actually higher than October of last year. November and December saw a decrease in inventory, which is more typical for this time of year.
With the average number of Ahwatukee homes sold in the last 6 months decreasing to 117, and home inventory increasing to 101, this leaves a slight decrease in the absorption rate to 0.86 months, which is still very low, and signals a seller's market.
How inventory affects home prices:
When the inventory of homes in Ahwatukee increases, the economics of supply and demand will take effect. When there is a large inventory of homes available for sale in Ahwatukee, home prices will decrease in value for a couple of reasons. One reason is because there are more homes for Ahwatukee home buyers to choose from. Buyers will take their time in selecting a home, causing homes to stay on the market longer and increasing inventory. Because there are more Ahwatukee homes for sale, home sellers will begin to lower their sales price in order to get their home sold.
When the inventory of homes in Ahwatukee decreases, you will start to see an increase in home prices. With a low inventory of homes, Ahwatukee home sellers know that they can ask a higher price because there are more buyers in the market than homes for sale. Homes tend to sell faster, and for more money when inventory is low. There are fewer choices for Ahwatukee home buyers, and sometimes you will have to offer a higher than list price to get the home you want.
When the inventory of homes in Ahwatukee decreases, you will start to see an increase in home prices. With a low inventory of homes, Ahwatukee home sellers know that they can ask a higher price because there are more buyers in the market than homes for sale. Homes tend to sell faster, and for more money when inventory is low. There are fewer choices for Ahwatukee home buyers, and sometimes you will have to offer a higher than list price to get the home you want.
Ahwatukee Days On Market:
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2021
The number of days Ahwatukee homes are on the market before they sell increased in January, but still remains very low compared to the last three years. February saw a decrease back down to 35 DOM. High demand and low inventory are the reasons that homes are selling so quickly.
2017-20
As you can see by the graph, Ahwatukee Days on Market has a very U shaped curve which shows the DOM has been higher at the beginning of each year, decreasing through the spring and summer months, and then increasing again at the end of each year. However, DOM in Ahwatukee as an average has been on a downward trend over the last 4 years. In 2017, the highest DOM was 84, with a low of 49, and an average of 70 days on market. By 2019, the average Days on Market for a home in Ahwatukee dropped to 55.
The Ahwatukee days on market started 2020 with an all-time low of 48 for January. It jumped up to 57 DOM in February, and then the Coronavirus hit the US Housing market in mid March and shut down our economy. We will have to see if DOM will increase in the coming months, or if it can withstand the economic shutdown long-term, as over 40 million people have lost their jobs, and many business have been closed by the government due to the pandemic. The DOM dropped in March and remained the same in April. The DOM in May decreased again, to a low of 39. The DOM increased in June to 51, and increased up to 58 in July, which is the highest it has been all year. However, things seem to be getting back to normal, as the DOM for August took a significant drop back down to 42, and September dropped even lower to an all-time low of 31. October and November have seen a steady increase in days on market back up to 39, yet still lower than any month in the past 3 years. December dropped back down to 33 DOM.
The number of days Ahwatukee homes are on the market before they sell increased in January, but still remains very low compared to the last three years. February saw a decrease back down to 35 DOM. High demand and low inventory are the reasons that homes are selling so quickly.
2017-20
As you can see by the graph, Ahwatukee Days on Market has a very U shaped curve which shows the DOM has been higher at the beginning of each year, decreasing through the spring and summer months, and then increasing again at the end of each year. However, DOM in Ahwatukee as an average has been on a downward trend over the last 4 years. In 2017, the highest DOM was 84, with a low of 49, and an average of 70 days on market. By 2019, the average Days on Market for a home in Ahwatukee dropped to 55.
The Ahwatukee days on market started 2020 with an all-time low of 48 for January. It jumped up to 57 DOM in February, and then the Coronavirus hit the US Housing market in mid March and shut down our economy. We will have to see if DOM will increase in the coming months, or if it can withstand the economic shutdown long-term, as over 40 million people have lost their jobs, and many business have been closed by the government due to the pandemic. The DOM dropped in March and remained the same in April. The DOM in May decreased again, to a low of 39. The DOM increased in June to 51, and increased up to 58 in July, which is the highest it has been all year. However, things seem to be getting back to normal, as the DOM for August took a significant drop back down to 42, and September dropped even lower to an all-time low of 31. October and November have seen a steady increase in days on market back up to 39, yet still lower than any month in the past 3 years. December dropped back down to 33 DOM.
Days on market (DOM) is a measure of the age of a real estate listing. It is the total number of days a listing is on the active market before an offer is accepted on the property, or an agreement between the real estate broker and home seller ends. The higher the days on market, the longer it is taking for homeowners to sell their Tempe home. The lower the days on market, the faster an Ahwatukee home is receiving a purchase contract, and getting off the market.
Generally, properties with a longer DOM will command lower prices than properties with a shorter DOM because a perception exists that the property may be overpriced or less desirable the longer it remains on the market. DOM often factors into developing a pricing strategy. DOM can also be used to gauge the condition, or trend of the housing market. Previous history has shown that a fairly stable real estate market in Ahwatukee should have average days on the market somewhere between 60 and 90 days.
Generally, properties with a longer DOM will command lower prices than properties with a shorter DOM because a perception exists that the property may be overpriced or less desirable the longer it remains on the market. DOM often factors into developing a pricing strategy. DOM can also be used to gauge the condition, or trend of the housing market. Previous history has shown that a fairly stable real estate market in Ahwatukee should have average days on the market somewhere between 60 and 90 days.
Ahwatukee New Listings by Month:
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2021
New listings in Ahwatukee started off 2021 with a large increase, significantly more listings than in January of 2020. The increase in home values over the last two years has not influenced home sellers to list their homes in the last two years. Perhaps 2021 will see more listings of homes for sale in Ahwatukee.
2017-20
New listings in Ahwatukee have been decreasing over the last three years, from a high of 1,808 (151/mo. avg.) in 2017 to a low of 1,579 (132/mo. avg.) in 2019, and that trend looked to be continuing in 2020. The first two months of 2020 had the lowest number of new listings over the last four years by far, just 223 new listings compared to 324 new listings in 2017. However, the Coronavirus hit the US Housing market in mid March and shut down our economy. It does look like that may have impacted the number of new listings in Ahwatukee, as they shot up in March to a high of 175, which hasn't been that high since April of 2018. However, April saw a pretty significant drop back down to even lower levels than in the past three years. We will have to see how the economic shutdown will affect the number of new listings in Ahwatukee long-term, as over 40 million people have lost their jobs, and many business have been closed by the government due to the pandemic. May and June have also seen a decrease in new listings, down to 120, but July saw an increase back up to 138. New listings in August and September continued to increase, and has gone up to 148, which is the highest number of listings in September over the last 3 years. October through December have seen new listings decrease, which is very typical for this time of year.
New listings in Ahwatukee started off 2021 with a large increase, significantly more listings than in January of 2020. The increase in home values over the last two years has not influenced home sellers to list their homes in the last two years. Perhaps 2021 will see more listings of homes for sale in Ahwatukee.
2017-20
New listings in Ahwatukee have been decreasing over the last three years, from a high of 1,808 (151/mo. avg.) in 2017 to a low of 1,579 (132/mo. avg.) in 2019, and that trend looked to be continuing in 2020. The first two months of 2020 had the lowest number of new listings over the last four years by far, just 223 new listings compared to 324 new listings in 2017. However, the Coronavirus hit the US Housing market in mid March and shut down our economy. It does look like that may have impacted the number of new listings in Ahwatukee, as they shot up in March to a high of 175, which hasn't been that high since April of 2018. However, April saw a pretty significant drop back down to even lower levels than in the past three years. We will have to see how the economic shutdown will affect the number of new listings in Ahwatukee long-term, as over 40 million people have lost their jobs, and many business have been closed by the government due to the pandemic. May and June have also seen a decrease in new listings, down to 120, but July saw an increase back up to 138. New listings in August and September continued to increase, and has gone up to 148, which is the highest number of listings in September over the last 3 years. October through December have seen new listings decrease, which is very typical for this time of year.
