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.
Days on market for Phoenix homes went down for the third straight month to a new all-time low of 23 DOM.
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.
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.
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 | TroyEricksonRealtor@gmail.com
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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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