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:
- In Maricopa County the number of active listings has increased by 212 this week.
- The median list price has decreased slightly across Maricopa County, with slight rises in Scottsdale and Chandler
- Average days on market remain pretty consistent.
- Number of active rentals has increased by 89 throughout Maricopa County.
- Rent pricing continues to remain stable.
BIG NEWS in Real Estate:
1. Metro Phoenix ranks No. 3 in U.S. for biggest home price increase, for full article click here:
The busy spring season got off to another strong start this year. March home sales jumped 32.2% over February while posting a report record Median Sales Price of $360,000, according to RE/MAX’s March National Housing Report. In Metro Phoenix, the median sales price for a home jumped from $360,000 in March of 2021 to $462,500 in March of 2022 — a 28.5% home price increase year over year, the third-highest increase in the nation.
- Closed transactions: 9,661 down year-over-year by 2.7%;
up month-over-month by 26.5%
- Median Sales Price: $462,500 up year-over-year by 28.5%;
up month-over-month by 2.8%
- Days on Market: 23 down year-over-year by 4.2%; down month-over-month by 14.8%
Months Supply of Inventory: .6 up year-over-year by 0%;
down month-over-month by 25%
- As buyers continued to far outnumber sellers, Months Supply of Inventory reached a record low of 1.0 across the report’s 51 metro areas. More than half of the market areas reported a supply of less than one month.
- March’s significant month-over-month growth in sales of 32.2% was in line with an average increase of 33.5% from February to March over the past five years (2017-2021). Consistent with March being considered the start of the traditional peak spring home-selling season, March home sales typically produce the largest monthly increase in closings each year, in sharp contrast to the average increase of just 0.5% from March to April over the past five years.
- Closed transactions: 9,661 down year-over-year by 2.7%;
- compared to February 2022, and up 16.7% from March 2021. No metro areas saw a year-over-year decrease in Median Sales Price. Thirty-five metro areas saw a home price increase year-over-year by double-digit percentages, led by Billings, MT at +31.2%, Tampa, FL at +29.1%, and Phoenix, AZ at +28.5%.
- The number of homes for sale in March 2022 was down 0.9% from February 2022 and down 21.1% from March 2021. Based on the rate of home sales in March 2022, the Months Supply of Inventory decreased to 1.0 compared to 1.3 in February 2022, and decreased compared to 1.3 in March 2021. A six months supply indicates a market balanced equally between buyers and sellers. In March 2022, of the 51 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were Albuquerque, NM at 0.4, and a four-way tie between Charlotte, NC, Denver, CO, Raleigh-Durham, NC, and Seattle, WA at 0.5.
2.Phoenix area ranks among top three places to relocate in the US for full article click here:
Skyrocketing home prices and rising mortgage rates have made relocating to a more affordable area the only viable option for some prospective homebuyers. The Phoenix metro area was the No. 2 ranked destination for people looking for a new place to call home in the United States.
- New data by the realty company Redfin shows people were on the move during the first quarter of 2022. The company’s report shows that 32.2% of people using its website were looking to relocate to a different metropolitan area. The report states that most Phoenix metro newcomers come from the Los Angeles area.
- Popularity was measured by net inflow, or how many more Redfin users looked to move into an area than leave. Warm weather and relatively affordable areas are typically the most popular places for people to move to, a trend that increased with the pandemic.
- Miami topped the list after residents flowing into the metro went up sixfold from two years earlier, maintaining its standing from the back half of 2021.
- Tampa, Sacramento and Las Vegas rounded out the top five most popular migration destinations. Net inflow into all five destinations has increased significantly since before the pandemic.
3.As Phoenix Suns head into the playoffs, every business metric is up according to CEO; for full article click here:
In April 2019, the team wrapped up the worst season in franchise history, only winning 19 games. Then the next two years were not full NBA seasons – 2020 was cut short because of the beginning of the Covid-19 pandemic and 2021 was shorter, started later and fans weren’t able to attend very many games, but resulted in the Suns making it all the way to the NBA Finals.
- The 2021-2022 season, which ended this past week, was the best in Suns’ history. The team won 64 games, the most in the NBA and they clinched the No. 1 seed for the NBA Playoffs, which the Suns begin Sunday evening at Footprint Center against the New Orleans Pelicans, with game two on April 19.
- And according to most sportsbooks, the Suns are the favorite to win the championship this year.
- The winning on the court has translated to winning off the court, with the Suns’ business side performing at very high levels, Rowley told the Business Journal..
- Suns fans unable to get tickets to see Sunday’s game inside the arena will now be able to watch playoff games at the newly unveiled 12,000 square-foot Rally Beach Fan Zone outside Footprint Center that debuted in the regular-season finale.
- It features a 20-foot LED screen, food and beverage trucks, rotating deejays and the Suns’ entertainment team. Tickets cost $10, and fans are encouraged to buy in advance. Rally Beach tickets may be available for purchase onsite only if capacity is not reached or fluctuates throughout the game. Admission does not allow fans access inside the arena
Liz & Marie are purchasing properties all across Maricopa County as well as Gila County, Navajo County and Coconino County. If you would like to sell your house fast and are looking for a more personal interaction than an iBuyer like Opendoor, check 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
Phoenix Suns inspire second-grade class to celebrate reading, for the article click here:
- For Valentine’s Day he surprises me with this book club sweatshirt because he knows I’m a huge Devin Booker fan.
- The Second-grade teacher, admitted book nerd, and die-hard Suns fan Amber Sibley says it all started with a thoughtful gift from her husband.
- The gift instantly inspired the educator at Legacy Traditional in Tucson to incorporate it into the classroom. Starting the “Book Club” in hopes of encouraging a love for reading in her students. Calling teaching an art form.
- In this case, it starts with an hour of silent reading as Devin Booker’s face is projected on the wall. Afterward, the kids get into their Book Club teams, with team names of course, ready to share their favorite parts.
- Communication, friendship, focus, and a hunger to improve, the same traits providing so much success for the hometown team, now doing the same for Mrs. Sibley’s second-grade class.
- “I even had a little girl say book club’s my favorite part of the day, and I thought oh my goodness, this was all from a sweatshirt,” said Sibley with a chuckle.
The top spring 2022 events and festivals not to miss in Phoenix!
For the link click here
- May 20-29 | Spring Arizona Restaurant Week
- SUNS Playoff Schedule for this next week only!
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!
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