West Valley Market Report by City December 2020

Hows the Market?? Here is your West Valley Market Report for December 2020. Happy New Year! I wish you all a healthy and prosperous 2021! Well let’s look at the real estate market and see how each city performed this year with lockdowns, elections and all the craziness we endured this past year.
We can definitely say the real estate market was strong all year with Maricopa County having a 13.72% increase in median home prices, for the year and sales were up 6.0%. Thats pretty remarkable considering that the inventory was down -32.16 from last year. Currently sitting with only 1.54 months of inventory.
So let’s look at each West Valley City.
Avondale had a 12.24% increase in median home prices, inventory was down 31.01% for the year and sales were down -9.0%. Currently sitting at 0.69 months of inventory.
Buckeye had a 15.13% increase in median home prices, inventory was down -39.53% compared to previous year and sales were down -3.2%. Currently sitting at 1.3 months of inventory.
El Mirage had an 11.63% increase in median home prices, inventory was down 30.51% for the year and sales were down -5.7%. Currently sitting at 0.82 months of inventory.
Glendale had a 8.53% increase in median home prices, inventory was down 31.01% for the year and sales were down -10.6%. Currently sitting at 1.47 months of inventory.
Goodyear had a 7.55% increase in median home prices, inventory was down 41.90% for the year and sales were down -4.3%. Currently sitting at 0.69 months of inventory.
Laveen had a 14.12% increase in median home prices, inventory was down -34.62% for the year and sales were down -6.3%. Currently sitting at 1.02 months of inventory.
Litchfield Park had an 18.46% increase in median home prices, inventory was down -42.55% for the year and sales were down -3.7%. Currently sitting at2.67 months of inventory.
Peoria had a 11.70% increase in median home prices, inventory was down -37.5% for the year and sales were down -37.5%. Currently sitting at 1.25 months of inventory.
Phoenix had a 14.99% increase in median home prices, inventory was down -37.5% for the year and sales were down -5.9%. Currently sitting at 1.37 months of inventory.
Surprise had a 12.08% increase in median home prices, inventory was down -34.76% for the year and sales were up 2.5%. Currently sitting at 1.24 months of inventory.
Tolleson had a 11.46% increase in median home prices, inventory was down -48.03% for the year and sales were up down -6.2%. Currently sitting at 0.79 months of inventory.
MARKET INSIGHTS: Homes are selling faster than ever with multiple offers, in almost all price ranges. Buyers are having to get more and more creative against the competition. Interest rates are historically low, seeing below 3% in most cases, 15 year fixed 2.25%-2.75%.  Rental market has surge so much that its cheaper to buy than rent, thats putting more buyers in the market place, with the low levels of supply, its anticipated to continue driving home values upward at least through summer of next year.

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