How Are the Current Market Conditions?

4315 N. Santiago Circle

4315 N. Santiago Circle in Mesa, AZ

 

Many prospective buyers in the Phoenix metropolitan area are struggling to find their home-sweet-homes while inventory is among the lowest nationwide. Concerning the Phoenix metro area, a study in October by RE/MAX Fine Properties revealed:

  • Phoenix tied for third lowest supply of homes with .09 months supply
  • Average homes sold in 27 days, down from 39 days year over year
  • The median sales price has risen by about 17.5% year over year

 

1541 E Sagebrush Court in GIlbert

1541 E Sagebrush Court in GIlbert

 

In addition to this, recent Opendoor surveys have found:

  • 53% of respondents claimed the pandemic influenced their decision to relocate
  • The 10 hottest ZIP codes are:
    Queen Creek – 85140
    Gilbert -85233, 85297
    Chandler – 85226
    Peoria – 85345, 85381, 85383
    Avondale – 85392
    Glendale – 85382
    Sun City – 85379

However, it should be noted that Opendoor represents only roughly 12% of the housing market, which is a small sample size. Personally, as an Associate Broker working under these challenging market conditions, I have found that the East Valley is truly a hotbed and the homes which are remodeled or in good condition are receiving multiple offers  above list price.  I recently had two situation in which relocating clients form Ohio and Michigan offered $15,000 above list and lost out in the $400,000 range.  Another client from the Seattle area offered $25,000 above list on a $900,000 house and also lost out.  It also appears that move-in inspections are being waived as a strategy on many of these homes, which I would not recommend. While developing an offer strategy is important and I can council on that, waiving inspections is never a good idea.  If you would like more information on this fast paced market, feel free to call or text me at 480-355-8645.

Statistical information above is credited to the Phoenix Business Journal.

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