Here is your Phoenix metro area Real Estate Weekly Market Update! The following data was pulled from the Arizona MLS (ARMLS) on the date listed below:
Key points from this data:
- The number of active listings has gone up slightly so now trending in the opposite direction, the last month has seen consistent drops each week.
- Median list price has remained consistent throughout the valley and there have been slight fluctuations in each city but overall very steady.
- Average days on market have remained consistent.
- Number of active rentals has increased by 105 compared to last few weeks drops.
- Rent pricing has remained very constant throughout the valley over the past several months.
BIG NEWS in Real Estate:
1. Housing forecast: How much Phoenix home prices will rise in 2022, for the article click here:
- Phoenix home prices are expected to rise 6.8% in 2022
- The new report also expects Phoenix home sales to grow 7.5% in 2022 as home shoppers explore areas where they can get more house for their money as they work remotely from their kitchen or home office
- Housing affordability will be an issue for many prospective homebuyers, which will likely result in a very competitive housing market for more affordable homes
- Phoenix reported the highest year-over-year gain in the nation with a 33.1% increase in September
- Phoenix will continue to grow over the next few years based on the growing number of job opportunities and companies continuing to relocate and grow their businesses in metro Phoenix
- The U.S. Census Bureau estimates the metro area grew on average 291 people every day
2. Here’s what real estate economists are predicting for the 2022 housing market, for the article click here:
- Home-price appreciation is widely expected to continue next year, but not at the breakneck rate seen in 2021
- “Inventory is still very, very low,” said Jeff Tucker, senior economist at Seattle-based Zillow. “Buyers don’t have many options, so they’re still competing over a small pool of active listings.”
- He said there hasn’t been enough of a recovery in inventory to suggest a dramatic cooldown in price appreciation.
- Here are three major themes to keep an eye on in the housing market next year:
○ Rising mortgage rates could tamp demand —somewhat: Industry experts are predicting an increase in mortgage rates in 2022, after more than a year of historically low mortgage rates
○ The role of institutional, iBuyers and other non-owner-occupiers: With billions in capital raised this year, investors are expected to play a key role in the housing market in 2022. In the third quarter, investors had a record three-month period, buying nearly $64 billion worth of homes and increasing their market share in several U.S. metros
○ The eternal X factor: the pandemic: The continued uncertainty with a prolonged pandemic may even result in interest rates dropping again. The pandemic has proven to be a boon for residential real estate, with huge surges in home-price appreciation, fierce competition and rock-bottom low interest rates.
3. What cooling market? New home demand ticks up in metro Phoenix, for the article click here:
- New home demand is on an uptick in metro Phoenix, Within the past 30 days, Zonda tracked a total of 1,783 signed new home sale contracts.
- Of the 442 now-active metro Phoenix new home subdivisions, 69% would sell out within the next 12 months if all communities were selling at the average rate of sales experienced over the last 12 months
- While lot supply is low across metro Phoenix, several developers are working on master-planned communities to bring more lots to the market, from Superstition Vistas in the far East Valley to Rainbow Valley in Goodyear to the 1,500-acre Bella Vista Farms in San Tan Valley.
Liz & Marie are still purchasing properties all across Phoenix, Scottsdale and around the valley. If you would like to sell your house fast and are looking for a more personal interaction than an iBuyer like Zillow, check us out our quick free four minute video where we show you how to save $10,000 or more when selling your property!
This week’s LOCAL NEWS
Legacy Sports USA Bell Bank Park Opens in 25 Days!, For the link click here
- Open Friday, January 7, 2022
- Massive sports and entertainment facility located at 1 Legacy Dr, Mesa
- 57 Indoor Volleyball courts
- 35 Multi-purpose fields
- Family Fitness Center
- Softball/baseball fields
- Beach volleyball courts
- Basketball courts
- Pickleball courts
- And more!
About Liz & Marie
Liz & Marie are the area’s leading real estate solutions company. We successfully work with homeowners, buyers, sellers, real estate agents, and real estate investors, buying and selling all types of residential real estate. We are confident that we can find the right property or solution for you, whether you have a house to sell, are looking to buy your next investment property, or are looking for your family’s “forever home.” We can share our knowledge so that you can make the best decisions for your situation and we are dedicated to making everyone’s experience a smooth and successful process.
Liz & Marie specialize in buying and selling your home at the price, and on the timeline, that works for all of us. Our extensive knowledge of real estate investing and a large network of real estate investors nationwide allows us to offer more buying choices and a wide variety of selling options for all types of home buyers and sellers, including financially distressed homeowners. Our mission is to work hand in hand with all parties and to handle every situation with the utmost professionalism and care.
We are thrilled to be a part of this next chapter in your life. Our commitment to excellence starts with treating you and your transaction with the utmost care and professionalism. We know that buying and selling a home is one of the biggest decisions you’ll ever make and we are humbled that so many homeowners choose us to join them on their journey. Let us lead the way and earn your business today.
We may be Crazy Liz and Wacky Marie but together we can do anything. Our combined experience in real estate has given us tons of lessons and has provided us the opportunity to help many homeowners! We are always striving to learn more and help others!
Let us know how we can help you today!