Phoenix Real Estate Report

phoenix real estate market update
1. How fast are homes selling? Average number of days on market for homes sold is 55 (down 7 from last year)
2. How many homes are for sale? We currently have 13,035 properties for sale (down 28.7% from last year)
3. What is the average sales price? Homes around the valley are selling for $369,169 (up 5.4% from last year)

June’s supply was down 2.8% from June 2019 (with 9,056 homes listed for sale last month) and June’s demand was up 2.6% from June 2019 (with 9,718 homes sold last month). Even with a rocky several months behind us, average home values still increased over 5% in the last year and our current market absorption rate is only 1.63 months, which is down from 2.33 months last year. Absorption is an important metric that indicates what type of market we are in. Typically, under 3 months supply means a seller’s market, between 3 and 5 months means a balanced market, and over 5 months means a buyer’s market.

What is going on? For years we’ve talked about the millennial home buyer and their expected impact on housing demand… and we kept waiting and waiting and waiting. As the oldest millennials approach 40, the wait may finally be over. According to the chief economist at CoreLogic, “Pending sales and home-purchase loan applications are higher than in June of last year and reflect the buying activity of millennials.” It’s clear: record-low mortgage rates and millennials are driving home sales. During a normal year, our home buying/selling season kicks off with the Super Bowl and slows as our summer temperatures rise, with pending contracts peaking in late April and home closings topping out in May and June. This year, due to the pandemic, pending contracts hit their current high-water mark on June 29, and there is still a good chance we might report an even higher number of pending contracts in the weeks to come.

What can we expect? I would like to point out that even though we project future home closing and sales prices, we are not really forecasting. We are merely counting the properties under contract and their reported contract price. We can also track historical patterns, which in turn define seasonal patterns. In 2020, our leading indicators have given accurate insights as to how closing data will appear in the next month or two. On the other hand, our seasonal patterns are in complete disarray due to the pandemic. Historically, we would see sales volume and prices peak in June or July, with volume declining for the remainder of the year while prices remain relatively flat. This year it appears our “season” has been pushed back as the market recoups the losses from April and May. Like the first six months of 2020, the second half will not follow traditional norms. In closing, I’d like to point out that although our market is on fire, a hot market does not necessarily mean we have a healthy market, which I will discuss next month.

Interested in getting multiple competitive offers to buy your house? My new platform Offer Nerd is the only site you need to request numerous offers from institutions competing to buy your home. Simply submit your address, upload property photos (or I can take them for you at no cost) and in a few days I will have obtained several competitive written offers from companies looking to buy your house. I’ll be your guide throughout the process and if none of the offers make sense for you, there is no obligation to sell. I’ll even include my realistic selling price if you were to take your home to market rather than accepting an institutional offer.

Data from ARMLS® COPYRIGHT 2020.

28263 N 67TH DR, Peoria

* SOLD FOR $10,000 OVER ASKING WITH MULTIPLE OFFERS * Rare Camelot model with guest house! Situated in quiet cul-de-sac within gated community on 0.4 acres & breathtaking mountain preserve in back yard. Open concept floorplan offers 3 bedrooms plus office/den, great room with wood beams, formal dining room, large eat-in kitchen, 3-car garage plus second floor casita with private courtyard entrance. Entertain stylishly in totally private backyard with heated pool & spa, fireplace seating area, built-in BBQ, gazebo and giant covered patio. Meticulously maintained (less to worry about!) & upgraded throughout with designer touches like built-in espresso maker, extra custom cabinets, tankless water heater, reverse osmosis, solid wood doors & newer appliances (all included).

North Peoria home for sale, marketed by North Peoria Realtor Andrew Robb.

Listing Price: $739,900
MLS #: 6088885
Address: 28263 N 67TH DR
City: Peoria
State: AZ
ZIP: 85383
Home Size: 3,699
Lot Size: 17,389
Bedrooms: 4
Bathrooms: 3.5
Garages: 3
Pool: Y
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5322 N 148TH AVE, Litchfield Park

* SOLD FOR 98% OF LIST PRICE * Mattamy Estate series built 2017 on oversized premium lot with White Tank mountain views & backing to greenbelt! So much natural light with 15ft-wide & 12ft-wide sliding glass doors & 12ft-high ceilings. Solar system (with bird-proofed panels) for huge energy savings & SELLER WILL COVER 1 YEAR OF PAYMENTS FOR BUYER! Top grade granite counters in modern white kitchen, butler’s pantry & mud room, upgraded fixtures, washer/dryer included, alarm system & pre-wired for outdoor cameras. Stay cool with plantation shutters on 80% of windows, tile in living spaces & ceiling fans throughout. Easy access to 303, I-10 & loop 101. Loaded with structural build options, interior upgrades, custom courtyard gate & complete back yard landscaping, plus programmable automatic Hunter-Douglas blinds.

Litchfield Park home for sale, marketed by Litchfield Park Realtor Andrew Robb.

Listing Price: $499,900
MLS #: 6075799
Address: 5322 N 148TH AVE
City: Litchfield Park
State: AZ
ZIP: 85340
Home Size: 3,058
Lot Size: 11,600
Bedrooms: 4
Bathrooms: 3.5
Garages: 3
Pool: N
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18431 W MISSION LN, Waddell

* SOLD FOR LIST PRICE * Great deal at only $116/sqft. Bright 2300sqft floorplan with 4 bedrooms, 2.5 bathrooms, plus loft in Cortessa community. Exterior painted one year ago, interior just painted this month and carpets just professionally cleaned throughout. Home features large living & dining room, separate family room, eat-in kitchen with plenty of counter space & storage. Kitchen has stainless appliances, including gas stove & refrigerator. Half bathroom located downstairs along with large laundry/utility room. Large master bedroom & bathroom with separate tub & shower, dual sinks, plus walk-in closet. Easy maintenance front & back yards.

Waddell home for sale, marketed by Waddell Realtor Andrew Robb.

Listing Price: $269,000
MLS #: 6063319
Address: 18431 W MISSION LN
City: Waddell
State: AZ
ZIP: 85355
Home Size: 2,317
Lot Size: 5,520
Bedrooms: 4
Bathrooms: 2.5
Garages: 2
Pool: N
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10240 W VILLA HERMOSA, Peoria

* SOLD FOR $3000 OVER ASKING WITH MULTIPLE OFFERS * On cul-de-sac view lot with no neighbors behind (backs to wash) & no two-level homes. Popular open floorplan offers spacious master suite with walk-in closet & custom walk-in glass shower. Large granite kitchen features rollout shelves, R/O system, gas range w/ double oven & under cabinet lights. Endless upgrades: custom paint, security door at front & garage side door, wired for surround sound & sec system, outdoor speakers, ceiling fans & honeycomb blinds. Plenty of space in extended length 3-car parking w/ 12′ RV gate, epoxy garage floor, water softener & overhead storage racks. HOA allows RV & boat parking! Enjoy the outdoors on travertine extended patio w/ gas firepit, grass yard w/ flowering mature landscaping & lemon tree.

North Peoria Woodside Home for sale, marketed by North Peoria Realtor Andrew Robb.

Listing Price: $439,000
MLS #: 6045836
Address: 10240 W VILLA HERMOSA
City: Peoria
State: AZ
ZIP: 85383
Home Size: 2,142
Lot Size: 10,874
Bedrooms: 3
Bathrooms: 2
Garages: 3
Pool: N
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Andrew Robb - RE/MAX Fine Properties, 21020 N Pima Rd, Scottsdale AZ 85255