A Closer Look at This Unprecedented Spring Market

Thursday, March 4, 2021   /   by Ryan Nager

A Closer Look at This Unprecedented Spring Market



Here’s a quick update on Phoenix real estate heading into spring 2021.


Today we’re going to take a closer look at the spring market for Phoenix real estate in 2021. The word unprecedented is probably overused in today’s world, but it’s hard to find a better word to describe what’s happening right now.


"Homes are selling just as quickly as they’re listed."



For starters, we’re sitting at record-low inventory levels. There have never been this few homes for sale in Phoenix. Inventory is down almost 60% from where it was this time last year, and even that was low for our market. Additionally, homeowners have seen a 19% home appreciation rate year over year, so a lot of homeowners are sitting pretty with some nice equity in their properties.


The biggest things driving home price growth are record-low interest rates and an influx of people coming here from the coasts and other big cities. They’re able to offer a little more on homes right now because of the equity they gained this past year, and homes are selling just about as quickly as they’re listed. Most economists predict another year of stable growth in 2021. They think that 19% equity could turn into 30% by the second quarter.


How long is this going to last? It’s hard to say. Not enough homes are being built or listed to keep up with demand from buyers, that’s for sure. It’s hard to imagine this cycle changing quickly, but if anything does change, we’ll make sure you’re the first to know.


In the meantime, don’t hesitate to reach out if you have any questions about real estate. I’m always here to help you navigate the market. I look forward to hearing from you soon.

 

  buying, selling

Stunning Homes Realty
10235 S 51st St Ste 195
Phoenix, AZ 85044
Guild Mortgage Company is an Equal Housing Lender
NMLS 3274
AZ BK#0018883
Lizy Hoeffer, Sr. Loan Officer, NMLS# 260183
Arizona State individual License Number 0913409 AZ
Guild Mortgage Company is not Affiliated with Stunning Homes Realty
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© 2021 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Stunning Homes Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. May 15, 2021
© 2021 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. May 15, 2021
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