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
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.