Rents and home prices have skyrocketed making Phoenix a real estate investment hub for all kinds of investors. For real estate investors, there has never been a better time to invest in real estate.
In order to make the best investments, you need to stay on top of the market. That is why we are sharing the biggest real estate stories from September to guide you with your next investment.
Here is Phoenix Real Estate Investing News You Need To Know!
Phoenix Breaks Record For Yearly Home Sales
Phoenix has broken many real estate records over the past year. In September the S&P / Case-Shiller® Home Price Index® numbers were published covering home sales during the period April 2020 to June 2021. These show the extremely high rates of appreciation that were experienced during the second quarter of 2021.
Comparing with the previous month’s series we saw the following changes:
- Phoenix +3.58%
- Las Vegas +3.35%
- Tampa +3.04%
- Dallas +3.02%
- Miami +2.97%
The National index gained 2.18%, so Phoenix once again rose by far more than the average and retained its position at the top of this table. The year over year comparisons look like this:
- Phoenix +29.3%
- San Diego +27.1%
- Seattle +25.0%
- San Francisco +21.9%
- Tampa +21.5%
The national index increased by 18.6%. Phoenix has now been at the top of this table for 25 consecutive months, a new record for home sales and appreciation.
Phoenix has shown a strong real estate market mostly driven by short supply and high demand. This has also lead to Phoenix is one of the top destinations for real estate investing.
Phoenix #3 In Nation For House Flipping
ATTOM released its second-quarter 2021 U.S. Home Flipping Report showing that 79,733 single-family homes and condominiums in the United States were flipped in the second quarter. Those transactions represented 4.9% of all home sales in the second quarter of 2021, or one in 20 transactions was a flipped home. Phoenix ranked as the No. 3 market for the most home flipping with 8.1% of homes sold being a flip.
The median price of homes flipped in the second quarter of 2021 soared to an all-time high of $267,000. That was up 10.6% from $241,400 in the first quarter of 2021 and 18.7%from $225,000 a year earlier. The annual increase marked the biggest price spike for flipped properties since 2005, and the quarterly gain topped all improvements since at least 2000.
With Phoenix breaking the record for hone sales growth it comes as no surprise that Phoenix is one of the top destinations for real estate investors. That is why it was no shock that Phoenix was #3 in the nation for house flippers.
Number of Rentals Increase By 77%
The Phoenix real estate investing scene doesn’t stop at house flippers. The Phoenix rental market is rapidly expanding as well with more and more homes being purchased to rent.
The preliminary affidavit counts for Maricopa County for September show the following:
- Homes purchased by owner-occupiers as their first or second home are down 4% over the same time frame.
- The number of homes purchased last month to be used as rentals by investors in Maricopa County is up 77% from September 2020.
- Re-sales totaled 9,589 which is up 8% from September 2020.
- The re-sale median was $415,000 up 26% from September 2020. The new home median was $412,686, up only 11%.
Phoenix is one of the top moving destinations in the country, with The U.S. Census Bureau estimating that the metro area grew on average 291 people every day. With a limited housing supply, rentals are a hot commodity for newcomers from out of state.
Phoenix Home Values Up 31% From Last Year
House flippers, Landlords of real estate investors of all kinds are finding opportunities in Phoenix.! The latest Zillow® market report reported a strong and growing Phoenix real estate market. Fewer days on the market, high home values, and higher median sales prices.
The Top Findings Were:
- The median sale price of homes skyrocketed to $405,000 in August, 24.9% over the median sale price of $325,000 one year ago.
- Homes sold 18 days faster in August 2021 than in 2020. 2021 August’s average Days on Market was 24, an improvement from 2020 August’s average Days on Market of 42.
- The Months Supply of Inventory in August of 1.3 declined from July’s 1.5 and was significantly less than August 2020s 1.9 Months Supply.
- The number of homes for sale in August 2021 was down 6.2% from July 2021 and down 26.7% from August 2020.
- Typical home values are $401,673, up 2.5% from July and 31.8% over the past year.
- Typical rents are $1,806, up 24.8% since last year.
Phoenix real estate has never been this hot. No matter if you are renting or flipping the market has never been like this before. Use this investing news to make better real estate investments.
Summary:
No matter your investment style Phoenix real estate has it all. Whether renting, flipping, or anything in between, Real estate investors are making their home in Phoenix. To make the best investments in Phoenix, make sure to stay on top of the latest investing news!
Here is Phoenix Top Real Estate Investing News You Need To Know:
- Phoenix Breaks Record For Yearly Home Sales
- Phoenix #3 In Nation For House Flipping
- Number of Rentals Increase By 77%
- Phoenix Home Values Up 31% From Last Year
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