Number of Houses for Sale in Phoenix Increasing... Slowly
FYI, My latest article in Forbes.com has taken off! It has over 100,000 views after just 2 days!
A Few More Houses for Sale
Seeing some signs of the number of homes for sale increasing a bit but it’s weird. The number of smaller single-family houses listed for sale in the MLS in Maricopa County is up a bit compared to last year at this time but the number of large houses for sale is way down. What’s with the large houses? Comments?
Single-Family Houses - Maricopa County
Number for Sale in MLS Now vs. Last Year at this Time
+35% – Houses 1000-2000 square feet
+37% – Houses 2000-3000 square feet
+12% – Houses 3000-4000 square feet
-8% – Houses 4000-5000 square feet
-44% – Houses 5000+ square feet
+17% - All Houses
Source: Cromford Report
It’s not that more smaller houses are hitting the market, it’s that fewer are selling. We still have a LONG way to go to get back to a “normal” number of houses for sale. See my weekly graphic at the bottom.
Also updated my Case-Shiller graphs on Real Estate Decoded. Lots of good information about the Phoenix market.
Phoenix has been the hottest market in the United States since mid-2019.
“What happened to downtown Phoenix? Once affordable, rents are now soaring. Here's why”
- Catherine Reagor, Arizona Republic
Not mentioned in the piece but after skyrocketing during the first half of 2021, rents in Phoenix have been flat, at least by some measures.
Your Phoenix house probably made twice as much as you did last year.
Phoenix house prices went up $103,470 in 2021. The median pre-tax income in Phoenix was $52,000, at least according to Zillow.
Build-for-Rent is when an investor buys brand new single-family houses to create a community of new build rentals. Right now, it’s a hot new investment. And Phoenix is the hottest.
Click on the graph to go to the full-size, interactive version.
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.
Phoenix Weekly Market Graph (only)