Peak Phoenix Real Estate Boom? - Phoenix Real Estate Stops Getting Boomier
Prices still increasing crazy fast but a few signs things have stopped getting worse.
John Wake here with the latest on the metro Phoenix real estate market. You can send me questions, comments, and suggestions by replying to this email.
Prices through March 13 already up 2.5% from February!
But we may be seeing some signs of resistance to the high prices, and the hassle of buying with so few houses for sale.
The number of houses under contract to buyers is down a bit the last few weeks.
The number of houses for sale increased ever so slightly.
We’re probably a year or two away from a “normal” market but at least things appear to have stopped getting worse.
Wonky Data Ahead
FYI, it was about this time last year that the Phoenix real estate market really started to tank. That means the charts below that compare this year to last year will start getting weird, and harder to interpret since last year wasn’t anything at all close to a normal year. Maybe I should start comparing this year to 2 years ago.
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Click on the graph to go to the full-size, interactive version.
Houses - Just Listed For Sale
The number of single-family houses hitting the market is still running a bit low despite prices being more than 20% higher than last year.
Will more people start putting their houses up for sale as more and more people get vaccinated? We certainly aren’t seeing anything yet. (BTW, I’m scheduled to get my second shot next week. Yea!)
Houses - For Sale
Looks like we have bottomed out.
Houses - Under Contract
The January and February trend continues of fewer and fewer houses being under contract to buyers. Is it the price increases, or the hassle of buying with such low supply, or something else? I don’t know.t.
Houses - Sold
Solds seem to be rebounding despite the lower number of houses under contract. Maybe title companies are less completely overwhelmed and able to move the sales more rapidly.
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.