How’s the Market? Here is your West Valley Market report for March 2021! Well as I began my 18th year in real estate and look back on the Roller Coaster ride with the ups and downs of the Market, and I will tell you this is the craziest times I have seen! I listed a home and in 3 days we had 187 showings and 79 offers!! The low supply has really caused a feeding frenzy on the homes that come on the market, selling quicker and for more than sellers even imagined. The demand and the low supply of homes is certainly going to drive home prices upwards, for how long, nobody knows really. You don’t know you hit the top until you start descending right? The best indicator of the real estate market is simply Supply vs Demand, which is way we watch the supply closely.
So let’s see how the market is for Maricopa county overall. Median Home price in Maricopa county is now at $350,000 year to date, thats a 17.45% increase over last year. Average days on market is at 20 and sales for March were up 17.3% and were sitting at a 13.1% increase in sales over last year. Thats actually astonishing since we have -47.02% down on inventory compared to last year, with less than 1 month of inventory, 0.91 months. Clearly explains the multiple offers.
Looking at closed sales for the month of March, Laveen was up 52.7% over last year, followed by Glendale at 35.4% up, Avondale increased 31.6%, Waddell up 29.2%, Phoenix 23.2% up, El Mirage increased 16.7%, Goodyear up 7.4%, Peoria up 4.9%, Surprise up 1.5% and Litchfield Park up 1.5%. Two cities came up short on sales last month Buckeye -17.0% and Tolleson -12.57%. Again this is all staggering numbers considering the low inventory, click on the image below and see just how short of supplies we are dealing with.
Buyers, don’t be discouraged. I am sure all this sounds like its not a good time to buy. It is not impossible to get a home, we are still getting our buyers their dream home, it just takes some strategy and negotiation skills. I can give you some tips and probably the most important one, make sure you have an experienced, active, FULL-TIME Realtor. Someone that can get you into the homes as soon as possible and help write a strong offer. There are many many intricacies and details in our contract and you need an agent that understands the offer to its fullest extend in order to strategically place your offer in a strong position. This is not the norm in the industry, I can tell you that out of the nearly 100 contracts I saw the last two weeks on our listings, 10-15 were solid well written offers. Lastly, Do NOT send a personal letter to the seller. As the National Assoc. of Realtors recently advised agents, that these so called “love letters” border on Fair Housing violations and therefore the reason my sellers never see them. It’s also a dead give away that the offer is not the strongest and you’re trying to play on the emotions of the seller. Sellers are looking for the strongest buyer and sometimes thats not always the most money.
So have you been thinking about selling and curious as to what your home would bring in todays hot hot hot market? We can provide you with a No hassle, No contact, Market Analysis and let you know what your home would sell for and what you would walk away with in your pocket. Call, Text or Email me and I will let you know what information we need in order to provide you with your homes current value. Don’t trust online automated systems, they don’t have the ability to properly compare homes upgrades, floor plans and pools or if someone sold too low, it does not have the ability to remove that in your comparison. Contact us for more information.