Many were left wondering last year if the market could get any hotter? 2021 started off with a bang and continues to be a top performer on the national stage. Driven by limited inventory, and buyer demand, the Phoenix real estate market continues to outperform and break new records. The Phoenix real estate market is one of the hottest it has ever been.
With new records being broken monthly, we made it easy to catch up on the latest Phoenix real estate market news.
4 Offers Received For Each House Sold In The US
Nationally, Real estate markets are at the highest they have ever been, With demand for homes outpacing new listings.
On average, there were four offers per home sold (closed) in February, according to NAR’s REALTORS® Confidence Index Report, a monthly survey of REALTORS® about their transactions. One year ago, there were two to three buyers for every home sold.
With more intense competition, average properties typically sold in 20 days (median), a record low since the housing market’s recovery in 2012. REALTORS® reported 74% of existing homes sold in February 2021 were on the market for less than 30 days.
With the demand outpacing supply, the median existing-home sales prices have been rising over 10% year-over-year across all U.S. regions since August 2020.
More Millennials Are Moving To Phoenix
Smart Asset ranked Phoenix # 3 among top cities, and Arizona #4 for top states millennials are moving.
The report is SmartAsset’s fifth annual study analyzing Census Bureau data on migration patterns of people between the ages of 25 and 39. Millennials make up 23.23% of Phoenix’s population — or 390,570 out of more than 1.68 million, according to the study. This group grew by 1.53% in 2019, with a net migration of 5,958 millennials to Phoenix from out of state.
Top 5 Cities Millennials Moved Too:
- Denver, CO
- Seattle, WA
- Phoenix, Az
- Austin, TX
- Colorado Springs, CO
Big Cities lost the most Millenials, such as New York and Chicago, while millennials moved south, or west and favored cities with minimal income taxes. According to a Redfin report from February, Phoenix recorded the largest increase of new residents around the country in 2020 and the second-highest median home price at $340,000.
Phoenix and Arizona are more attractive to millennials than ever before.
Phoenix Leads Nation In Sales Growth Year Over Year
Phoenix real estate is one of the top markets in the nation. As we continue to see limited supply, record highs continue to feed into new sales records.
Phoenix continues its strong sales streak, and the latest S&P / Case-Shiller® Home Price Index® numbers show nationally how strong the Phoenix Market is. These numbers cover home sales during the period December 2020 to February 2021.
Comparing with the previous month’s series we see Phoenix in the #4 spot:
- San Diego +2.87%
- Seattle +2.39%
- San Francisco +2.05%
- Phoenix +2.03%
- Denver +1.77%
The national average increase was 1.05% over the prior month, another very strong number, but Phoenix increased at almost twice the national average.
Comparing with this time last year we see the following changes in the indexes:
- Phoenix +17.4%
- San Diego +17.0%
- Seattle +15.4%
- Boston +13.7%
- Tampa +12.7%
The national average was +11.9%, so once again Phoenix stayed well ahead of the national average. For the 21st consecutive month, Phoenix was top of the annual appreciation table.
Phoenix Closings Are Up 48%
The Phoenix real estate market is the hottest we have ever seen. Not only do we continue to set new records in real estate, but as inventory continues to struggle, demand is higher than ever.
The Breaking Phoenix Real Estate Market News Records Were:
- Closings Are Up 48% from last year, with new builds closing up 6.4% and re-sales up a massive 56.9%. These numbers include single-family homes and townhouse/condominiums, but Pinal County affidavits are not yet fully processed.
- The overall median sales price was $376,000, and The overall median was up 19.4% from a year ago with new builds up only 8.9% and re-sales up 24.6%.
- Annual Appreciation based on the monthly average price per square foot hit a record high this week, recorded at 35%!
Phoenix continues to grow and be a top performer nationally for real estate. While real estate is in one of the strongest markets it has ever seen, Phoenix continues to break new record highs.
Summary:
While the buyer demand continues to grow Phoenix is attracting national attention as a top seller, and a top place to move to! Phoenix continues to grow and be a top performer nationally for real estate. While real estate is in one of the strongest markets it has ever seen, Phoenix continues to break new record highs.
Phoenix Real Estate Market News May 2021 You Need To Know:
- 4 Offers Received For Each House Sold In The US
- More Millennials Are Moving To Phoenix
- Phoenix Leads Nation In Sales Growth Year Over Year
- Closings Are Up 48%
Phoenix continues to outperform month over month. If investors can find properties, the buyer demand is continually looking for suitable properties, and real estate as a whole continues to heat up.
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