Phoenix is #2 in Total New Apartment Supply!
"Phoenix is experiencing an unprecedented increase in apartments, with over 17,100 units delivered in the past year. Around 51,000 more units are under construction, bringing the total new apartment supply to more than 67,000 units. This development is concentrated in Buckeye and Goodyear in the West Valley. The rapid increase in supply has outpaced apartment demand, resulting in rent losses and rising concessions across the metro."
- John Burns Research & Consulting
Months of Supply (all home types) in Phoenix is the highest since 2016 for this time of year.
This should turn down in a week or two. If it doesn’t, it would suggest more supply will hit the market this year than last.
Historical perspective of Phoenix real estate market
Homes Sold (Single-family detached) - Blue
Homes Newly Listed for Sale (All homes) - Pink
New Listings (pink) look particularly low. Will it rebound some in 2024?
Phoenix inflation-adjusted median house price is still 7% ABOVE the 2005 peak
Tech Might Reduce (Unlicensed) Short-Term Rentals
"The technology scrapes publicly available data, such as from the rental listings on websites like Airbnb and VRBO... That information is then provided to municipal regulators... if the addresses are found to be unlicensed" Link to article.
Click on the graphs to go to the full-size, interactive versions.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
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.