How’s the Market? Here is your West Valley Market report for Dec 2021. Happy New Year everyone!! Hope you’re all staying healthy. Well with yet another year of Covid craziness Maricopa County continued to soar in the real estate market. Inventory continues to be excruciatingly low, driving home prices upward. Maricopa ended the year with the median home price up 25.08% over last year, going into 2022 at $425,000. Home sales were up 4.8% over last year, which is incredible consider we had a -38.56% decrease in inventory over last year. So since it the year end last look at how each West Valley City did for 2021.
Avondale, sales were flat with 2020, with inventory down -31.46% compared to last year. The median home price, $400,000 which is a 29.78% increase.
Buckeye sales were down -4.4%, with inventory down -39.53% compared to last year. The median home price, $425,000 is a 34.65% increase over last year.
El Mirage sales were up 5.1%, with inventory down -22.22% compared to last year. The median home price, $363,100 is a 36.56% increase over last year.
Glendale sales were up 7.5%, with inventory down -21.05% compared to last year. The median home price, $397,750 is a 28.92% increase over last year.
Goodyear sales were up 2.8%, with inventory down -44.22% compared to last year. The median home price increased 31.08% bringing it to $470,000.
Laveen sales were up 10.4%, with inventory down slightly at -4.85%. The median home price up 36.61% at $433,990
Litchfield Park saw a 6.1% increase in sales with inventory down -35.06%. The median home price was up 22.08% at $530,000.
Peoria sales were down slight -3.3%, with inventory the lowest drop in the west valley, -45.16%. The median home price increased 25.73% at $430,000.
Phoenix sales were up 6.6% over last year and inventory down -33.58%. Median home price jumped to $400,000, a 22.82% increase.
Surprise sales were short 10 homes over last year at a -0.2% drop, while inventory was down -36.59%. Median home price sitting at $427,500 for a 29.41% increase over last year.
Tolleson sales were down -7.4%, while inventory was down -16.67%. Median home price was up 34.58%, at $400,500.
Waddell dropped in sales -22.2% with inventory down -35.86%. Median home price was up 30.29% over last year at $532,000.
Interest Rates increases! The Feds announced they would increase rates 3 times this year and we are already seeing the largest hike in the last couple of years. This will have an impact on the loan amount that buyers can qualify for, potentially knocking many first time home buyers completely out of the market. The impact on move up buyers could possibly be larger down payments or rate buy downs in order to still qualify in that same loan amount.
The market is still seeing multiple offers in nearly all price ranges. Still seeing a lot of buyers relocating to Maricopa from California and Washington. With low inventory levels, prices will most likely continue to rise in 2022.