Phoenix AZ Real Estate Housing Market Report - August 2021

9/26/2021

Phoenix AZ Real Estate Housing Market Report - August 2021

After decreasing in July, the average sales price of Phoenix homes increased over $5,800, to $510,816 in August, breaking the previous all-time high from June. At the same time, the average sold price per square foot remained the same as in July, at $261/sf.

After reaching a record low of 23 days on market in May and June, days on market for Phoenix homes increased by one day in July and August, and is now up to 25 DOM.

Phoenix AZ homes for sale | Troy Erickson Realtor

Phoenix home sales decreased for the second straight month, from 1,511 in July to 1,437 in August, and are down -6.9% from August of 2020. Phoenix home sales are still lagging a little behind pre-pandemic numbers, but I think the lack of inventory is impacting sales more than anything else.

After increasing last month, the number of new listings slightly decreased for the second straight month, from 1,812 in July to 1,806 in August, and they are now -0.7% lower than in August of last year. The number of active Phoenix listings increased for the third straight month, from 3,088 in July to 3,264 in August, and they are now only down -0.9% from August of last year.

The lack of listings continues to drive demand and home prices higher, so even though the number of Phoenix listings is growing, as long as they continue 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 21.5% since August of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase Phoenix homes through the remainder of this year.

>>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 report - August 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.

Homes for sale in Phoenix, AZ | 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 | [email protected]

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 AZ Real Estate Housing Market Report - August 2021

9/25/2021

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Scottsdale AZ Real Estate Housing Market Report - August 2021

After increasing over $56,000 between April and May, and reaching an all-time high of $1,247,173, the average sales price of homes in Scottsdale has decreased by $115,171 over the last three months, down to $1,132,002 in August. At the same time, the average sold price per square foot increased from $373/sf last month to $376/sf for August, the same as it was in June.

After remaining the same or decreasing for six straight months (every month this year since January), the days on market for August actually increased, but by just one day, to 35 DOM. This just means that homes in Scottsdale are still selling very quickly.

Scottsdale AZ homes for sale | Troy Erickson Realtor

After climbing to a high of 647 in April this year, Scottsdale home sales have decreased for the fourth straight month, from 518 in July down to 480 in August. July was the first month in 2021 that Scottsdale has had fewer home sales than in the same month last year, and now August is the second month. The difference in Scottsdale home sales between August of last year and this August is -9.2%.

This does have something to do with COVID-19, and the fact that the housing market was shut down between March and May of last year, but began to open up again starting in June of 2020. A decrease in home sales after May is common, as the high buying season begins to wind down for the year.

The number of new Scottsdale listings decreased for the fourth straight month, down from a high of 739 in April to 588 in August, and are now lower by -10.3% than in August of last year. The number of active listings increased in August, after decreasing for two straight months, increasing from 1,253 in July, to 1,276 in August. However, they are still down -25.9% from August of last year.

The lack of listings continues to drive demand, but there seems to be a decline in Scottsdale home prices over the last couple of months. Home sales are occurring faster than ever, and inventory is down, but there has also been a decline in the number of homes being sold in Scottsdale, and that may be playing into the decline in sales prices.

With that said, median home values in Scottsdale have still increased an average of 25.2% since August of 2020, which is amazing. With interest rates hovering below or near 3.0%, there will still be more buyers looking to purchase a Scottsdale home the remainder of this year.

>>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 real estate housing report - August 2021

Homes for sale in Scottsdale, AZ | 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 | [email protected]

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Mesa AZ Real Estate Housing Market Report - August 2021

9/24/2021

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Mesa AZ Real Estate Housing Market Report - August 2021

The average sales price of Mesa homes continues to increase, reaching a new all-time high of $501,007 for August. This is the first time homes in Mesa have surpassed the $500k mark, and is the ninth month in a row that the average sales price of homes in Mesa have increased. At the same time, the price per square foot has continued to climb, increasing from $240/sf in July to $244/sf in August.

After decreasing to an all-time low of 20 days on market in June, July saw an increase in the Mesa DOM to 22, and August has moved up to 25 DOM. This is the highest it has been since February of this year, but is still extremely low, and means that homes in Mesa, AZ are still selling very fast!

Mese AZ homes for sale | Troy Erickson Realtor

After dropping to 624 in July, Mesa home sales increased to 642 in August. Home sales in Mesa are now higher than in August of last year by 1.1%. In January through May of 2020 the housing market stalled due to COVID-19, but by June of 2020, the housing market was back in business, and people started buying and selling homes again (see graph below).

Mesa real estate housing report - August 2021

The number of new listings has remained over 725 for the last five months, and after increasing to 741 in July, dropped off a little in August, to 731. This is just a -0.4% decrease from August of last year, so obviously the numbers are very similar.

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 continues to increase from 1,185 in July to 1,263 in August. This is at least the fourth straight month that active listings in Mesa have increased. Since active listings have continued to increase, the number of active listings in Mesa is now greater than in August of 2020 by 2.4%. For the first time this year, there are more Mesa homes being listed for sale than compared to the same month last year.

The number of listings overall is still low, and the lack of listings continues to drive demand and home prices higher. Median home values in Mesa have increased an average of 31.1% since August of 2020. With interest rates remaining near or below 3.0%, there still should be more buyers looking to purchase in Mesa throughout the rest of this year.

>>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.

Homes for sale in Mese, AZ | 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 | [email protected]

Number one Mesa Realtor | Troy Erickson Realtor

Number one Realtor in Mesa Troy Erickson Realtor

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Ahwatukee AZ Real Estate Housing Market Report - August 2021

9/23/2021

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Ahwatukee AZ Real Estate Housing Market Report - August 2021

After the average sales price of homes in Ahwatukee dropped $16,728 in June, it has bounced back two straight months, reaching a new all-time high of $602,866 for August.

The price per square foot of Ahwatukee homes has remained the same, or increased for six consecutive months. The price per square foot of homes sold in Ahwatukee increased in August to $264/sf.

The Ahwatukee DOM had increased for two straight months, but dropped to 22 DOM in August, tying the all-time low. It is obvious that the demand for homes in Ahwatukee is high, and homes are selling fast, even as we near the end of the high buying season.

Ahwatukee AZ homes for sale | Troy Erickson Realtor

Ahwatukee home sales decreased by 13 from last month, down to 110, which is the second month in a row that home sales have dropped. Even though home sales in Ahwatukee have been decreasing, there were only -5.6% fewer homes sold this August than in August of 2020.

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 the first part of 2020. By June of last year, the Arizona housing industry was getting back to a more normal state and you saw a 21.6% jump in Ahwatukee home sales, from 120 in May of last year to 146 in June of 2020.
After averaging right around 150 homes sales per month through April, May, and June, the decrease in July and August home sales may be a sign that the high buying season is ending for 2021. Even though there has been a lower than normal inventory of homes for sale, homes that are listed in Ahwatukee are still selling fast, and for more money.

After dropping some in May, the number of new listings in Ahwatukee have averaged right around 145 the last three months, and is at 145 for August. The number of new Ahwatukee listings in August remains higher than in August over the last three years, which may be a good sign that more home owners are looking to sell as we head into the fall.

The number of active listings continues to increase slowly, and has now increased for the third straight month. Now at 252 for August, the number of active Ahwatukee listings is only -0.8% lower than in August of last year. We still could use more Ahwatukee listings due to the continued 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 31.1% since August of 2020, which is amazing growth. With interest rates remaining around 3.0%, the demand from buyers looking to purchase should remain high throughout the remainder of 2021.

>>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 real estate housing report - August 2021

Homes for sale in Ahwatukee, AZ | 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 | [email protected]

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Tempe AZ Real Estate Housing Market Report - August 2021

9/22/2021

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Tempe AZ Real Estate Housing Market Report - August 2021

After June saw a $32,647 increase in the average sales price of Tempe homes, there has been a decrease in the average sales price over the last two months. I don't think this has happened in at least a year, but after dropping $21,421 in July, the average sales price of homes in Tempe dropped another $11,233, to $504,960 in August. At the same time, the average sold price per square foot increased in August, from $271/sf to $287/sf, after decreasing for the first time in the last six months in July.

Days on market increased for the second straight month, up to 26 DOM, after recording an all-time low of 22 DOM in May and June.

Tempe AZ homes for sale | Troy Erickson Realtor

After decreasing last month, Tempe home sales increased from 132 to 136 in August, increasing for the fifth time in the last seven months. With this increase, Tempe home sales are actually 6.2% higher than in August of 2020, which is the second time this number has been positive in the last three months. The only thing keeping Tempe from having a really good year for home sales is the lack of inventory. The low number of listings is impacting sales, even though we are nearing the end of the high buying season.

The number of new listings slightly increased for the fourth straight month, from 150 to 156 in August, yet they are still -3.1% lower than in August of last year. The number of active listings increased for the sixth straight month, from 271 last month to 280 in August, but are still down -12.5% from August 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 30.2% since August of 2020. With interest rates remaining around 3.0%, there will still be more buyers looking to purchase in the remainder of 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 real estate housing report - August 2021

Homes for sale in Tempe, AZ | 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 | [email protected]

Best East Valley Realtor Troy Erickson Realtor

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Gilbert AZ Real Estate Housing Market Report - August 2021

9/21/2021

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Gilbert AZ Real Estate Housing Market Report - August 2021

The average sales price of Gilbert homes continues to fluctuate up and down almost every other month. After increasing by over $16,000 in June the average sales price decreased by over $16,000 in July. Then in August, it bounced back up to new all-time high of $600,285. At the same time, the price per square foot has continued to climb for the 14th month in a row, and is now up to $256/sf.

The days on market in Gilbert increased for the second straight month, from 19 in June, to 20 in July, and now 22 DOM in August. This is the third increase in the last four months, but the DOM is still extremely low, and means that homes in Gilbert Arizona are selling very fast!

Gilbert AZ homes for sale | Troy Erickson Realtor

Gilbert home sales decreased for the second straight month, from 427 in July to 387 for August, and are -27.1% lower than in August of last year. I believe much of this still has to do with the lack of homes available for sale. Also, this is the time of year that home sales typically decrease due to the seasonality of home sales as the summer comes to an end. This is the lowest number of Gilbert home sales for August in the last four years.

The number of new listings increased to 515 for August, after decreasing to 475 in July. We have seen an increase in new listings for August in two of the last three years, so this is not unusual. This is typically the last-ditch effort of some home owners to get their home sold before fall. At 515, the number of new listings is only -4.8% less than the number of new listings in August 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 sits at 843 for August. While continuing to increase since May, active listings in Gilbert still remain lower than last year. Although the amount is getting closer each month, there are still -5.0% fewer homes for sale in Gilbert compared to August of 2020.

The lack of listings continues to drive demand and home prices higher. Median home values in Gilbert have increased an average of 33.8% since August of 2020. With interest rates still hovering around 3.0%, there should be more buyers looking to purchase throughout the remainder of 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 - August 2021

Homes for sale in Gilbert, AZ | 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 | [email protected]

Top East Valley Realtor Troy Erickson Realtor

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Chandler AZ Real Estate Housing Market Report - August 2021

9/20/2021

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Chandler AZ Real Estate Housing Market Report - August 2021

After increasing for the last eight months, the average sales price of homes in Chandler finally saw a decrease from the all-time high of $569,467 in July, down to $567,597 for August. The average sales price per square foot had increased for 13 straight months, but remained the same for August as July at $263/sf. This is a $62/sf increase from the $201/sf in August 2020.

After increasing to 23 DOM in July, the days on market decreased back to the all-time low of 20 for August. It is amazing that the DOM has continued to remain so low, which means that homes in Chandler are selling faster than they ever have, and most home sellers are receiving multiple offers, driving prices up.

Chandler AZ homes for sale | Troy Erickson Realtor

Chandler home sales increased from 343 in July to 352 in August, but remains less than August of last year by -5.1%. This is a huge turnaround from May, where home sales were up 23.4% from May of 2020. I believe the large increase in Chandler home sales you saw earlier this year compared to last year had a lot to due with the COVID-19 pandemic. However, by June of 2020 the real estate business was starting to get back to normal. That is obviously being reflected by the fact that fewer homes were sold in August of 2021 (352) than in August of last year (371).

The number of new listings are down -3.3% from August of last year, as many people continue to stay put, and there have not been enough new homes built to keep up with demand. At 697, the number of active listings is only down -2.0% from August of last year. This is much closer to what we saw in 2020 compared to earlier in the year when the number of new listings were down close to -20.0%.

The lack of listings continues to drive demand, and home prices higher. Median home values in Chandler have increased an average of 22.0% since August of 2020, which is almost unbelievable. I wonder how much longer home values can continue to increase like this. With mortgage interest rates remaining around 3.0%, there are still more buyers looking to purchase in 2021 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.