State of the Market Feb 2021

Buyer demand is going strong through 2021, and it’s showing. An ever-increasing amount of homebuyers from outside Arizona are looking towards the Phoenix metropolitan area during this wave of housing scarcity, further tightening the market for local residents.

Not only this, but the demand for housing is being felt by the rest of the nation as well.

 

Recent statistics from the United States Census Bureau and Arizona Regional Multiple Listing Service have shown:

  • 811,000 total homes were sold nationwide by the end of 2020
  • 13,000 homes were sold under $150,000 nationwide by the end of 2020
  • House closings in Maricopa county were up by 24.5% by the end of 2020
  • The average sales price was about $445,000 in Maricopa county by the end of 2020
  • Supply was down roughly 32% in Maricopa county by the end of 2020
  • Roughly 31% of single family homes in Arizona were sold under 30 days in January 2021

 

From this, we predict that the demand for housing will likely continue, possibly increasing through the summertime when families are looking to relocate before the start of the next school year.

 

If find yourself among the many on the market for a new home in 2021, here’s what to expect:

  • Higher home sales prices
  • Lower mortgage rates
  • More competition
  • Shorter closing windows

 

Regardless of the difficult market conditions, I’m still here to help you with your home buying efforts in any way I can! Now is a turbulent time to buy or sell, so please do not hesitate to call me at 480-355-8645 for any questions or concerns you have along the way.

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