Phoenix AZ Real Estate Housing Market Report - December 2021
At the same time, the average sold price per square foot dropped slightly, down from $275/sf in November to $273/sf for December. This is only the second monthly decrease in sold price per square foot since March of 2020 (almost two full years).
After reaching a record low of 23 days on market in May and June, days on market for Phoenix homes has increased for the sixth straight month and is now up to 33 DOM for December. Even though days to sell a Phoenix home are increasing, 33 DOM is still very low, considering in an even market we would expect to see an average DOM of 60.
After reaching a 2021 high of 1,888 new listings in June, the number of new listings has dropped in five of the last six months. It took another significant decrease this month just like last month. New listings in Phoenix have gone from 1,701 in October to 1,446 in November, and down to 1,108 for December. Even with this significant drop, the number of new Phoenix listings are -7.5% lower than in December of last year. November and December always see a large decline in new listings, but the decline this year was a lot less than in the last three years.
After increasing for seven straight months, the number of active Phoenix listings have now decreased for the second straight month, going from 2,311 in November to 1,905 this month, and they are now down -16.3% from December of 2020. The lack of listings continues to drive demand and home prices higher. As long as listings continue to be less than in previous years, and demand remains high, expect home values in Phoenix to continue to increase.
With that said, median home values in Phoenix have increased an average of 29.4% since December of 2020. With interest rates remaining just above 3.0%, there will still be more buyers looking to purchase Phoenix homes in the beginning of 2022.
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.
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.