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August Market Watch for the Phoenix Metro

By LINDSAY FRICKS

The weather is hot, but the real estate market is white hot! We are breaking records on many fronts, making this officially the most competitive market this area has ever seen. This week we topped the highest recorded average price per square foot at $190.97. The previous record of $190.61 back in May of 2006. 

One of the key drivers for continued tightening on our housing inventory is the continued inflow of people migrating to Phoenix from out of state. Since 2007, our population has grown 18% but the housing inventory has only grown 12%. It seems COVID has only accelerated the rate at which people are looking to leave the more densely populated parts of the country in search of more space and relative affordability. Additionally, increased flexibility on working remotely now is giving people the opportunity to move outside of their current geography so we can expect to see this trend continue well into the future.

Lindsay Real Estate Arizona Market stats

Buyers & Investors: 

We have more houses under contract and pending sale than active and available on the MLS. This isn’t a new scenario in this market, but in the last 90 days it has accelerated with a surge of new buyers and a decline in new listings. With a population nearing 5 million people, the greater Phoenix area has less than 8,500 listings across all housing types and price points. If you’re searching for a single family home under $500,000 there are only 3,055 active listings available for you in the whole greater Phoenix metro. The competition for the few homes available is fierce and you need to prepare yourself if you want to secure a home in this market. 

Key Takeaway: It’s possible to find houses, but it takes some tenacity and flexibility on both the buyer and agents part. Be prepared to run out and see a home at the drop of a hat and make a competitive (often above asking) offer within hours. Move it or lose it is the mantra here!

Lindsay Real Estate Arizona

Sellers & Landlords:

It’s a great time to be a seller! My two listings in July had multiple offers within 24 hours and less than 4 showing total. If you have been considering selling, now is the time. Don’t let COVID or lack of inventory deter you. You likely have a boat load of equity and combining that with ultra low interest rates (I just had a client lock in for 2.5%) it makes your dream house more and more a reality. And, the inventory constraints get looser as your price point increases since there’s less buyers and competition for those properties over $500,000.

Key Takeaway: I have a pool of buyers waiting to buy your house. It’s possible (and probable) that your house will sell for top dollar with very minimal traffic and disruption to your life. I am happy to give you an honest evaluation on how selling and buying in this market can work for you.

Lastly, my business isn’t possible without your support! If you know anyone looking to buy, sell or invest in real estate in the greater Phoenix metro, please connect me and I’ll make sure it’s the best real estate experience of their life.

Lindsay Fricks, Helping you, your family and friends Live & Love in Arizona!

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Median Home Price

$325,000

Annual Appreciation Rate

+7%

Estimated Population

450k

Median Age

34

East
Valley

why you want to live here

The two largest and most popular cities in the East Valley are Gilbert and Chandler. Once known for agriculture, the area has now been transformed into some of the most well known suburbs. Both cities have experienced tremendous growth in population and along with it now has all the amenities of larger cities. The suburbs are highly focused around families and have lots of parks, recreation and many family events year-round.

Median Home Price

$261,096

Annual Appreciation Rate

+8%

Estimated Population

1.6M

Median Age

33

Central
Phoenix

why you want to live here

Phoenix is the heart of The Valley of the Sun and capital of Arizona. Known for warm temperatures year-round and sprawling urban space surrounded by desert mountains. Phoenix is the 6th largest city in the US and home to nearly 1.6 million people. Phoenix has just about something to offer everyone: numerous golf course, professional sports teams, hiking trails, concerts, festivals and much more. With an affordable cost of living there’s a place for everyone with the Phoenix metro.

Median Home Price

$308,750

Annual Appreciation Rate

+8%

Estimated Population

174k

Median Age

28.5

Tempe

why you want to live here

Tempe is a city just east of Phoenix, in Arizona. Its striking Tempe Center for the Arts hosts concerts, dance and comedy shows. Nearby, Tempe Town Lake is dotted with kayaks, pedal boats and paddleboards. Tempe Beach Park hosts outdoor festivals. Rising above the city, Hayden Butte is a mountain dotted with centuries-old rock art. Sporting events and concerts are held at Wells Fargo Arena.

Median Home Price

$725,000

Annual Appreciation Rate

8%

Estimated Population

36,241

Median Age

39

Scottsdale

why you want to live here

Scottsdale has long had a reputation as one of the most affluent cities in the West most well known for high end golf, spas, resorts, restaurants and shopping. There are over 27 golf courses located within the Scottsdale boundaries. The Southern part of Scottsdale is home to the historic Old Town area. The southwestern charm, numerous restaurants, bars and shopping as well as exciting nightlight make Old Town a hot spot for both young and old. Central Scottsdale is home to many popular golf communities such as McCormick Ranch, Gainey Ranch and Kierland Commons.  North Scottsdale is home to to two of the valleys largest annual events: the Barrett Jackson Auto Auction and the Waste Management Open PGA tournament. These events along with the 5 professional baseball spring training facilities bring millions of visitors into the area throughout the Spring months.

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