Phoenix Real Estate News & Market Trends

 

Feb. 18, 2021

Phoenix Real Estate Market Update for Jan 2021

Curious what the market is doing? How high are the prices going in Phoenix? These's are all answer in the short video below.
If you would like to download the entire report to read for yourself, Click Here!
Posted in Market Updates
Feb. 8, 2021

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Posted in Homes For Sale
Jan. 19, 2021

Phoenix Real Estate Market Report- December 2020

Crazy real estate market here in Phoenix right now!

Learn more about what happened in the video below and feel free to reach out to us with questions or if you'd like us to break that down for a community or city.

 

If you'd like to download the full report here's a convenient link for you- Click Here!
Posted in Market Updates
Jan. 6, 2021

Phoenix Real Estate Market Report- November 2020

What a crazy market we are in! Wondering where the market went in November? Watch this short video to find out and feel free to download your free copy of the entire report.

 

 Download you copy of the report by clicking here!

 

 

Posted in Market Updates
Nov. 21, 2020

Phoenix Real Estate Market Report for October 2020

What an amazing month of sales! October 2020 was the single largest number of sale for any October...ever!
Want to know what your home is worth? Just ask!
Want a copy of this report? Click Here!
Posted in Market Updates
Nov. 2, 2020

4 Reasons Why the Election Won’t Dampen the Housing Market

4 Reasons Why the Election Won’t Dampen the Housing Market

4 Reasons Why the Election Won’t Dampen the Housing Market | MyKCM

Tomorrow, Americans will decide our President for the next four years. That decision will have a major impact on many aspects of life in this country, but the residential real estate market will not be one of them.

Analysts will try to measure the impact feasible changes in regulations might have on housing, the effect of a possible first-time buyer program, and any number of other situations based on who wins. The housing market, however, will remain strong for four reasons:

1. Demand Is Strong among Millennials

The nation's largest generation began entering the housing market last year as they reached the age to marry and have children - two key drivers of homeownership. As the Wall Street Journal recently reported:

“Millennials, long viewed as perennial home renters who were reluctant or unable to buy, are now emerging as a driving force in the U.S. housing market’s recent recovery.”

2. Mortgage Rates Are Historically Low

All-time low interest rates are also driving demand across all generations. Strong demand created by this rate drop has countered other economic disruptions (e.g., pandemic, recession, record unemployment).

In addition, Freddie Mac just forecasted mortgage rates to remain low through next year:

“One of the main drivers of the strong housing recovery is historically low mortgage interest rates…Given weakness in the broader economy, the Federal Reserve’s signal that its policy rate will remain low until inflation picks up, and no signs of inflation, we forecast mortgage rates to remain flat over the next year. From the third quarter of 2020 through the end of 2021, we forecast mortgage rates to remain unchanged at 3%.”

3. Prices Continue to Appreciate

The continued lack of supply of existing homes for sale coupled with the surge in buyer demand has experts forecasting strong price appreciation over the next twelve months.

4. History Says So

Though it’s true that the market slows slightly in November when it’s a Presidential election year, the pace returns quickly. Here’s an explanation as to why from the Homebuilding Industry Report by BTIG:

“This may indicate that potential homebuyers may become more cautious in the face of national election uncertainty. This caution is temporary, and ultimately results in deferred sales, as the economy, jobs, interest rates and consumer confidence all have far more meaningful roles in the home purchase decision than a Presidential election result in the months that follow.”

Ali Wolf, Chief Economist for Meyers Research, also notes:

“History suggests that the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is the best of the four-year cycle. This suggests that demand for new housing is not lost because of election uncertainty, rather it gets pushed out to the following year as long as the economy stays on track.”

Bottom Line

There’s no doubt this is one of the most contentious presidential elections in our nation’s history. The outcome will have a major impact on many sectors of the economy. However, as Matthew Speakman, an economist at Zillowexplained last week:

“While the path of the overall economy is likely to be most directly dictated by coronavirus-related and political developments in the coming months, recent trends suggest that the housing market – which has basically withstood every pandemic-related challenge to this point – will continue its strong momentum in the months to come.

Posted in Real Estate News
Oct. 23, 2020

Phoenix Real Estate Market Update for September 2020

WOW! September was one for the record books. Watch this short video to see how the Phoenix real estate market has performed and a glimpse into where it might be going.

 

 

If you would like to download your free copy of the report please use this link - Click Here!

 

Posted in Market Updates
Sept. 16, 2020

Phoenix Real Estate Market Update for Aug 2020

What a crazy market! In the video below I review the Phoenix real estate market for August 2020. It's longer than normal because at the end I addressed the comments about where the market may be going because of Covid and Foreclosures.

 

If you'd like a copy of the report used in the video above please use this link to download it - Click Here!

If you'd like us do a market study for a specific area or city please let us know.

 

Posted in Market Updates
Aug. 19, 2020

Phoenix Real Estate Market Report July 2020

WOW....what a crazy year we're having in Phoenix!

Coming into the summer I along with a lot of people expected our real estate market to cool down but not even Covid can slow it down. Watch the video and let us know if you have questions or would like details for a community or specific city.

 

Posted in Market Updates
July 28, 2020

June 2020 Phoenix Real Estate Report

What a crazy month and year so far! With everything that has happened it's amazing how well the Phoenix housing market has done. Here's the details and feel free to ask your Desert Premier Home agent for more details and of course the full report.

Monthly Sales- up 38% month over month and 2% over last year. That's important because we usually start to see a decline in sales by July.

Phoenix monthly real estate sales

Total Inventory - down 14% month over month and down 27% over last year this time. 14,000 homes for sale in the largest county in the country is helping drive home prices up further. The number is actually closer to 8,000 when you take out all the homes under contract with some sort of contingency.

Months of Inventory - Down to 1.5 months. This means if nobody added a home to the market we would have zero homes to sell in Maricopa county in 1 1/2 months. Anything under 3 is a sellers market so now you start to see why we are in so many multiple offers situations!

Sales Prices- Up 5% on average over last year and the median price is up 9%. This is incredible when you consider the Covid scare and everything else that's happen this year. Still waiting to buy? Be ready to pay a lot more for the same home later this year.

Sales Forecast- The experts expect the average sales price to go up from $368,000 to $388,500 next month. We can't even imagine what this will look like towards the 4th quarter as our retirees start coming back into the market in greater numbers than are now.

Distressed Sales - This makes up just .06% of the total market! In June there were 41 homes in the Phoenix area that were bank owned.

Average Days on the Market - Down 9 days over last year this time and 6 days more than last month.

If you would like a copy of the entire report please ask your Desert Home Premier agent! And of course if you'd like us to breakdown a city or community we're happy to do that for you!

 

Posted in Market Updates