August 2021 Phoenix Metro Market Update

By LINDSAY FRICKS

Don’t be fooled by the news that the real estate market is “cooling” off. Yes, things are definitely a little less ridiculous than what we’ve experienced in the last year, but it’s still a very hot market and the supply of homes is significantly less than the number of people looking to buy. The primary driving force is the continuous stream of people moving to the state for the tens of thousands of jobs being created across the metro. The construction industry is busting their butt to build more homes, but even with record breaking amounts of building permits issued, it’s likely going to be years before we see supply catch up to demand in the Phoenix Metro.

Lindsay Fricks Real Estate Arizona

Buyers:

We’ve made a significant jump in the amount of active listings over the last few months. Hooray, but not so fast! More listings are great, but we are still well below the typical number of homes for sale. This means prices will continue to climb, but at a slower rate than over the last year. If you’re still on the fence about buying, now’s the time to jump in while you can still get a piece of the equity increase projected for the next year. The saying goes, “The best time to buy was 20 years ago and the second best time to buy is now.” Let’s go!

Sellers: 

We are still in a very strong seller’s market but as more listings come available the less leverage sellers have with buyers. I’m definitely seeing some changes in buyer’s behaviors when it comes to offers. There are fewer offers per property, less buyers willing to waive the appraisal contingency and higher expectations for seller paid repairs. If you’ve been on the fence about selling because you weren’t sure where you’d go, the additional listings may make this a good time to start exploring your options.

Regardless of your real estate goals, having a strong Realtor is absolutely essential for both buyers and sellers. There has never (seriously) been a market with more unique terms and conditions impacting home sales. It’s literally changing by the minute and having an expert to help you navigate this historically competitive market is essential. 

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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