Phoenix Market Still Scary Hot
Median single-family house price up $9,000 in 1 month
Prices Up $100,000 in 1 Year
The median single-family house price in metro Phoenix increased $102,000 from January 2021 to January 2022.
One-Third of Houses NOT Buyers’ Primary Home
In the 4th quarter of 2021, investors bought 19% of all single-family houses sold (at least), second-home buyers bought 13%, and iBuyers bought 4%.
Primary-home buyers only bought 65% of all single-family houses bought in Maricopa County in the 4th quarter of 2021.
I believe in the late 1990s, investors bought less than 5% of single-family houses sold. Today, investors especially are crowding out primary-home buyers and they’re a big reason for the current market being so crazy tight.
Pinal County Inventory Up 88%
The number of single-family houses for sale in Pinal County (Queen Creek, Maricopa, Casa Grande) is 88% higher than this week in 2020 but it’s still 40% below the number listed for sale for this week in 2019.
Maricopa County is a very different story. The number of single-family houses for sale in Maricopa County is only 7% higher than this week in 2020 and it’s still 60% below the number listed for sale for this week in 2019.
During the mid-2000s, the number of houses listed for sale increased first out on the periphery. It looks like that’s happening again.
Don’t Expect Inventory to Ever Return to “Normal”
I got a long piece published in Forbes.com about how today’s technology makes buying a house a lot faster and that means fewer houses will be listed for sale at any given time.
Tell me what you’re seeing in the market. Leave a comment or email me.
Click on 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.