How’s the Market? Here is your West Valley Market report for October 2021! Sales were a little slow during the month of September leaving Oct closings lagging behind last year. Could it have been the higher than average temps or are we starting to see a shift. Only time will tell, however it does seem to me to have had a sudden pick up now that the collar weather has arrived. Guess we will see if that trend continues in November or if sales increase. Slow sales are not stopping the increasing home prices, check out the report to see how your city has increased this year.
Only two West Valley cities saw a positive increase in closed transactions over last year. El Mirage had a 33.3% increase in closed sales, with YTD up 12.9% over last year and thats with -18.75% decrease in inventory! Glendale was up 5.4% for the month and 10.9%YTD increase, coupled with -22.45% less inventory than last year. Taking a look at the other cities, although slow sales for the month many still have increased sales over last year while struggling with low inventory. Laveen was down -3.0% although, up 10.05%YTD, with inventory down -13.46% compared to last year. Litchfield Park was down -26.6% last month, although up 10.05% YTD with a decrease in inventory of -40.49%. Phoenix was down -17.1% in sales last month while still up 9.2%YTD with a drop in inventory of -49.24%. Goodyear was down -26.5% last month but still up 1.8%YTD, with inventory down -50.93%. Avondale dropped -22.3% last mont, but still up 1.3%YTD, with -38.46% less inventory than last year. Surprise was down 10% last month, but holding flat with sales with last year, inventory is down -42.31% compared to last year.
A few cities are a bit sluggish this year. Waddell was down 61.1% in sales last month, down -19.3% YTD and inventory down -42.95. Tolleson was down -21.7% for the month and -6.2%YTD, with a decrease in inventory -23.17%. Buckeye was down -4.8% for the month, down -4.3%, with inventory down -47.14%. Peoria was down 17.1% for the month, hanging on tight with YTD sales only down -0.8%, with a drop in inventory of -49.24%.
Maricopa county was down -12.4% in sales last month, but still up 7.0% YTD, with a -42.24% less inventory.
Market Insights: Still seeing multiple offers on properties of all price ranges. All types of financing, we are seeing lots of VA and Conventional are getting their offers accepted, more than cash. Prices are still increasing and projections are 15-17% increases over this next year. Maricopa County still has high employment opportunities and lots of people relocating which continues to be the number one factor in increase home prices.