By Mike Bodeen · 5 July 2021
But Expect a Slower Pace
The Phoenix-Metro residential real estate sales market is in a self-correcting season. The 2nd half of the year, per the Cromford Report expects sales to slow, listings to increase, and for a while, prices to continue to rise, albeit not near the pace of the year’s first half.
Our numbers for the month of June:
Active Listings: 5,699 vs 8,788 last year – down 35.2% – but up 15.9% from 4,917 last month
Under Contract Listings: 11,378 vs 13,424 last year – down 15.2% – and down 7.6% vs 12,317 last month
Monthly Sales: 10,204 vs 9,718 last year – up 5.0% – and up 5.6% from 9,665 last month
Monthly Average Sales Price per Sq. Ft: $252.04 vs $182.73 last year – up 37.9% – and up 1.3% from $248.83 last month
Monthly Median Sales Price: $397,000 vs $305,000 last year – up 30.2% – and up 1.8% from $390,000 last month
As a hopeful sign for buyers, active listings increased 16% over last month, though as we pointed out in a recent Snapshot, this time of year listing inventory does increase before its historical drop in Autumn heading into the holidays. We are still a long way from normal, and our inventory is down 35% from this time last year, but the buyer trend is positive.
As a further sign of the buyer trend, Under Contract Listings are down 15% from last year and down 8% from last month.
Sales prices however have not been the friend of buyers, as these numbers continue escalating. The monthly average sales price per square foot (PSF) is now at $252 compared with $183 last year – a 38% rise. The monthly median sales price now stands at $397,000 – up 30% from one year ago, and up 1.8% from last month.
The recent S&P Case-Schiller 20 City Index again showed Phoenix at the top of the national appreciation market with a 3.3% change from the previous recording month and also leading the 1-Year Change of 22.2%.
Phoenix Metro Moves Up in Nation’s Best Cities List
Resonance, a Canadian advisory firm that focuses on real estate, tourism, and economic development has placed Phoenix Metro in the top 10 cities (out of 100) in the country. Last year it was at #13 and this year has moved up to the #9 position. To arrive at its rankings, they ranked 100 U.S. cities in six key categories: place, product, programming, people, prosperity and promotion. For a full read Click Here
Market data referenced in this article comes from The Cromford Report.