Phoenix Real Estate Housing Market Report - May 2021

6/18/2021

Phoenix Real Estate Housing Market Report - 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.

Homes for sale in Phoenix AZ | Troy Erickson Realtor

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 listings decreased from 1,880 to 1,696 in May, but they are still 13.8% higher than May of last year. The number of active Phoenix listings barely increased from 2,813 to 2,817, but they are down -26.2% from May of last year.

The lack of listings continues to drive demand and home prices higher, so if the number of Phoenix listings continues to be less than in previous years, expect home values in Phoenix to continue to increase.

With that said, median home values in Phoenix have increased an average of 31.0% since May of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase Phoenix homes in 2021.

>>Click Here To See All Current Phoenix Arizona Homes For Sale<<

For more detailed stats on the Phoenix Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Phoenix Real Estate Housing Market Report May 2021

When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.

If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.

If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.

Phoenix AZ list of homes for sale | Troy Erickson Realtor

Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.

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Scottsdale Real Estate Housing Market Report - May 2021

6/17/2021

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Scottsdale Real Estate Housing Market Report - May 2021

The average sales price of homes in Scottsdale increased over $56,000 between April and May, and is now at an all-time high of $1,247,173. At the same time, the average sold price per square foot increased from $362/sf to $380/sf in May.

After decreasing for three straight months, days on market remained the same in May as it was in April, at an all-time low of 36 DOM.

Homes for sale in Scottsdale, AZ | Troy Erickson Realtor

Scottsdale home sales slightly decreased in May from 647 to 631, the first decrease this year. Even though they decreased, Scottsdale home sales are still 97.8% higher than May of 2020. This is mainly due to the COVID-19 pandemic shutting down the economy last March, and continuing throughout last year. A decrease in home sales for May is unusual since we are in the high buying season, and more homes are typically sold in May than any other time of the year.

The number of new Scottsdale listings increased by 91 in May, up from 558 to 649, and they are now 28.3% higher than May of last year. The number of active listings decreased slightly this month from 1,319 to 1,285, and are still down -35.8% from May of last year.

The lack of listings continues to drive demand and home prices higher, so if the number of active Scottsdale homes for sale continues to be less than in previous years, expect home values to continue to increase.

With that said, median home values in Scottsdale have increased an average of 46.8% since May of 2020, which is amazing. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase a Scottsdale home in 2021.

>>Click here to sell all current Scottsdale Arizona Homes For Sale<<

For more detailed stats on the Scottsdale Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Scottsdale AZ homes for sale | Troy Erickson Realtor

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Ahwatukee AZ Real Estate Housing Market Report - May 2021

6/16/2021

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Ahwatukee AZ Real Estate Housing Market Report - May 2021

The average sales price of homes in Ahwatukee increased by $42,236 in May, after dropping $6,880 in April, reaching a new all-time high of $597,063 for May.

The price per square foot increased for the fourth straight month, from $240/sf to $249/sf. Days on market decreased from 29 down to 22 for May, after increasing from 26 to 29 DOM from March to April. The DOM is at an all-time low, which means demand for homes in Ahwatukee is high, and homes are still selling fast.

Ahwatukee home sales for May increased for the third straight month to 151 homes sold, a 25.8% increase from May of 2020. I believe a lot of this increase has to due with the slowdown of homes sold early in 2020 due to the COVID-19 pandemic, and continuing throughout last year. However, this is the highest number of homes sold in Ahwatukee since May of 2019. Even though there has been a lower than normal inventory of homes for sale, homes that are listed in Ahwatukee are obviously selling fast, and for more money.

The number of new listings decreased from 153 last month to 135 for May, and is the second month in a row there has been a decrease in new listings for Ahwatukee. This shows that fewer home owners are listing their homes for sale, which increases competition. At 221, the number of active listings still remains significantly lower than in May of last year, at -29.4%. We simply need more Ahwatukee listings due to the high demand from buyers.

The lack of listings continues to drive demand and home prices higher. Median home values in Ahwatukee have increased an average of 23.6% since May of 2020, which is amazing growth. With interest rates hovering around 3.0%, the demand from buyers looking to purchase should remain high early in 2021, which is typically not the case for this time of year.

>>Click Here To See All Current Ahwatukee Arizona Homes For Sale<<

For more detailed stats on the Ahwatukee Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Ahwatukee AZ Real Estate Housing Market Report May 2021

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

Troy Erickson Realtor | Ahwatukee homes for sale

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Mesa AZ Real Estate Housing Market Report - May 2021

6/15/2021

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Mesa AZ Real Estate Housing Market Report - May 2021

The average sales price of Mesa homes increased by $25,031, reaching a new all-time high of $472,125 for May. At the same time, the price per square foot has continued to climb, increasing from $222/sf in April to $230/sf in May.

After increasing by one last month from a record low of 21 in March, days on market in Mesa increased by one again for May, jumping up to 23 DOM. This is still extremely low, and means that homes in Mesa, AZ are selling very fast!

Mesa home sales reached 664 in May, which was about the same as last month. However, home sales in Mesa are higher than in May of last year by 27.4%, mainly due to the COVID-19 pandemic, and home owners holding off on listing their homes for sale throughout 2020.

The number of new listings dropped from 739 last month to 715 in May, but is an increase of 23.3% from May of last year. There is still a lack of inventory based on demand, and that will only help home prices continue their upward trend. The number of active listings, at 1,062, still remains significantly lower than last year, with -23.7% fewer Mesa homes for sale compared to May of 2020.

The lack of listings continues to drive demand and home prices higher. Median home values in Mesa have increased an average of 28.2% since May of 2020. With interest rates remaining around 3.0%, there still should be more buyers looking to purchase in Mesa throughout 2021.

>>Click Here To See All Current Mesa Arizona Homes For Sale<<

For more detailed stats on the Mesa Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Mesa AZ Real Estate Housing Market Report - May 2021

Mesa AZ homes for sale | Troy Erickson Realtor

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Tempe AZReal Estate Housing Market Report - May 2021

6/14/2021

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Tempe AZ Real Estate Housing Market Report - May 2021

The average sales price of homes in Tempe had increased over $90,000 in March and April, so it was bound to drop a little in May. May saw a drop in the average sales price in Tempe, down over $23,000 to $504,967. At the same time, the average sold price per square foot increased for the fourth straight month from $258/sf to $264/sf.

Days on market went down in May to a new all-time low of 22 DOM after increasing in April.

Tempe home sales slightly decreased in May from 131 to 125, the first decrease in the last five months. Even though they decreased, Tempe home sales are still 34.4% higher than last May. This is mainly due to the COVID-19 pandemic shutting down the economy last March. Up until May, it looked like Tempe was going to have a pretty good year for home sales, but I think the lack of inventory may be impacting sales, now that we are into the high buying season.

The number of new listings decreased from 156 to 143 in May, but they are 3.6% higher than May of last year. The number of active listings increased for the third straight month, from 232 to 239, but are down -24.8% from May of last year.

The lack of listings continues to drive demand and home prices higher, so if the number of listings continues to be less than in previous years, expect home values to continue to increase.

With that said, median home values in Tempe have increased an average of 28.2% since May of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase in 2021.

>>Click Here To See All Current Tempe Arizona Homes For Sale<<

For more detailed stats on the Tempe Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Tempe AZ real estate housing report - May 2021

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Gilbert AZ Real Estate Housing Market Report - May 2021

6/12/2021

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Gilbert AZ Real Estate Housing Market Report - May 2021

After dropping $8,808 last month, the average sales price of Gilbert homes increased by $54,398 to a new all-time high of $581,302 for May. At the same time, the price per square foot has continued to climb for the 11th month in a row, and is now up to $243/sf.

After decreasing for three straight months, days on market in Gilbert increased in May from 16 up to 19 DOM. This is still extremely low, and means that homes in Gilbert are selling very fast!

Gilbert home sales reached 440 in May, which was about the same as last month. However, home sales in Gilbert are higher than in May of last year by 12.8%. I believe much of this may have to do with the COVID-19 pandemic, and home owners holding off on listing their homes for sale throughout 2020.

The number of new listings dropped from 486 last month to 453 in May, which is also a decrease of -7.6% from May of last year. There is still a lack of inventory based on demand, and that will only help home prices continue their upward trend. The number of active listings, at 654, still remains significantly lower than last year, with -34.4% fewer homes for sale compared to May of 2020.

The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 37.2% since May of 2020. With interest rates remaining around 3.0%, there still should be more buyers looking to purchase throughout 2021.

>>Click Here To See All Current Gilbert Arizona Homes For Sale<<

For more detailed stats on the Gilbert Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Gilbert real estate housing report - May 2021

Gilbert AZ homes for sale | Troy Erickson Realtor

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | TroyEricksonRealtor@gmail.com

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Chandler AZ Real Estate Housing Market Report - May 2021

6/11/2021

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Chandler AZ Real Estate Housing Market Report - May 2021

The average sales price of homes in Chandler continues to climb up to another new all-time high of $546,586 in May, increasing over $11,000 since April. The average sales price per square foot also continues to increase, and is now up to $240/sf from $239/sf last month.

Days on market remained the same as last month, at a record low of 21, as I am not sure how much lower it could go. This means homes in Chandler continue to sell very fast.

Chandler home sales are up 23.4% from May of last year, coming in at 369 for May of 2021 (just one home fewer than last month). I believe the large increase in Chandler home sales this year over last year has a lot to due with the COVID-19 pandemic, and the shutting down of businesses starting in early March of 2020 and continuing throughout last year.

The number of new listings are actually down -5.4% from May of last year, as many people are staying put, and there have not been enough new homes built to keep up with demand. The number of active listings remained about the same as the previous two months, but is down -30.4% overall from May of last year.

The lack of listings continues to drive demand, and home prices higher. Median home values in Chandler have increased an average of 34.9% since May of 2020, which is almost unbelievable. I wonder how much longer home values can continue to increase like this. With mortgage interest rates holding steady around 3.0%, there still seems to be more buyers looking to purchase in the new year than there are homes for sale.

>>Click Here To See All Current Chandler Arizona Homes For Sale<<

For more detailed stats on the Chandler Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.