Phoenix AZ Real Estate Housing Market Report - October 2021
The average sales price of Phoenix homes increased in February through June, and again in August. After decreasing in September, the average sales price of Phoenix homes increased another $21,191, reaching $524,840 in October. At the same time, the average sold price per square foot increased for the third straight month, from $266/sf in September to $274/sf this month.
After reaching a record low of 23 days on market in May and June, days on market for Phoenix homes has increased for the fourth straight month, and is now up to 29 DOM for October.
After reaching a record low of 23 days on market in May and June, days on market for Phoenix homes has increased for the fourth straight month, and is now up to 29 DOM for October.
Phoenix home sales decreased from 1,556 in September, to 1,505 in October, after increasing in August. Home sales are now down -10.1% from October 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, even though inventory is increasing.
After reaching a high for 2021 of 1,888 in June, the number of new listings has been dropping. It took a significant decrease from 1,793 last month down to 1,701 for October. The number of new Phoenix listings are now -10.5% lower than in October of last year. The number of active Phoenix listings increased for the seventh straight month, going from 2,289 in September, to 2,353 in October, and they are now down -12.6% from October of last year.
The lack of listings continues to drive demand and home prices higher, so even though the number of active 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 25.0% since October of 2020. With interest rates remaining just above 3.0%, there will still be more buyers looking to purchase Phoenix homes through the remainder of this year.
After reaching a high for 2021 of 1,888 in June, the number of new listings has been dropping. It took a significant decrease from 1,793 last month down to 1,701 for October. The number of new Phoenix listings are now -10.5% lower than in October of last year. The number of active Phoenix listings increased for the seventh straight month, going from 2,289 in September, to 2,353 in October, and they are now down -12.6% from October of last year.
The lack of listings continues to drive demand and home prices higher, so even though the number of active 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 25.0% since October of 2020. With interest rates remaining just above 3.0%, there will still be more buyers looking to purchase Phoenix homes through the remainder of this year.
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.
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.
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.
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]
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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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