Hows the Market?? Here is your West Valley Market Report for January 2021. Hope your all staying healthy and having a great start to the New Year!! Once again Phoenix Market saw record home sales this month. Home demand continues strong and inventory continues to diminish with very few available homes for sale. We currently have more homes in escrow than for sale, once again showing that we are not in a housing bubble, we have a supply issue. Driving home values upward, take a look at the chart to see the huge jump in median home prices by city.
So let’s take a look at the breakdown for sales last month. Nearly all West Valley cities had an increase in sales over last year, Goodyear had a 22.4%, Phoenix +17.2%, Litchfield Park +17.0%, Tolleson +11.9%, Laveen +10.6%, Buckeye +7.1%, Glendale +7.3%, Surprise +3.8%, El Mirage + 2.5%, Peoria +1.4%, only Avondale was down -14.6%. Over all Maricopa County had an increase of +13.7%.
What makes these sales increases more of a phenomenon is how low the market inventory is. I know I have been saying this a lot over the past several years, low inventory, low inventory…. but we are at an all time low! Take a look at the chart, only one West Valley property is over 1 month of inventory, Litchfield Park at 1.09 months and all the rest are below on month. Maricopa County is at 1 month of inventory. This is absolutely insane!!
As far as an outlook on inventory levels increasing, doesn’t look like we will be increasing anytime soon. Last month all West Valley cities were down over last year, as far as new listings being. Laveen -48.8%, Buckeye -37.0%, Surprise -37.0%, El Mirage -36.7%, Tolleson -27.9%,
Peoria -24.6%, Avondale -24.1%, Glendale -19.5%, Goodyear -19.8%, Phoenix -15.6%, and Litchfield Park -11.1%. Maricopa County was down -7.9% overall.
With strong sales and decreases in New listings being taken, it is very likely this strong sellers market will continue to drive home values for several months at least.