Where Have All the Houses Gone?
In today’s housing market, it seems harder than ever to find a home to buy. Before the health crisis hit us a year ago, there was already a shortage of homes for sale. When many homeowners delayed their plans to sell at the same time that more buyers aimed to take advantage of record-low mortgage rates and purchase a home, housing inventory dropped even further. Experts consider this to be the biggest challenge facing an otherwise hot market while buyers continue to compete f
Median Sales Price Up 18%, Inventory Down 61%: Luxury Sales Over $3M up 140%.
For Buyers:
Yes, it’s still a good time to buy. Is it fun? No. Inventory is down 61% from this time last year and competition among buyers is steep. New listings are not keeping up with demand and the purchase experience can be stressful, disappointing and heartbreaking; but it’s a good time to buy. The median sales price has risen 18% to $339,000 and the median monthly rental rate through the Arizona Regional MLS has also risen 18%. A 1,500-2,000 square foot home is roug
Market Summary for the Beginning of February 2021
Here are the basics - the ARMLS numbers for February 1, 2021 compared with February 1, 2020 for all areas & types: Active Listings (excluding UCB & CCBS): 5,180 versus 11,974 last year - down 56.7% - and down 14.5% from 6,055 last month Active Listings (including UCB & CCBS): 9,727 versus 16,035 last year - down 39.3% - and down 0.6% compared with 9,788 last month Pending Listings: 7,070 versus 5,969 last year - up 18.4% - and up 15.2% from 6,135 last month Under Contract Lis
