Market Report for Phoenix West Valley May 2022

June 13th, 2022

Hows the Market?? Here is your West Valley / Phoenix area Real Estate Market Report for May 2022. Shift Happens, and when it does it happens fast! This shift swooped in quicker than 2006 shift! Just like that shift, many of us saw it coming, just rode the wave as long as it was still hot. But dont be concerned, this is not the same shift in anyway. Highly unlikely that we will see foreclosures and short sales like the past real estate bust, that was all driven by loose lending practices and banks flooding the market with to much inventory driving prices downward. Todays market, homeowners have equity and were very qualified borrowers, long gone has been the “breathe on a mirror”and you are qualified for mortgage! As well these notes over the last several years have historically low interest rates, which makes it much more affordable to own than rent. Security in mortgages is the key difference from todays shift to the past real estate crisis.

As interest rates have hiked the past several weeks, as expected, it bumped many buyers out of the market, as well as bumped most buyers a step down in what they can afford for the same loan amount. Median home price in Maricopa is $467,000, that payment a year ago would had been approx. $1800, todays rates, it’s roughly $2800, reducing buyers purchase price. So whats going in the real estate market, let’s take a look.

So keeping in mind theres a 30-45 day lag time for sales to close escrow, these numbers are true to April sales, which is when we all felt the slow in mid April. So next month we report truer numbers to this shift in the market, but still see the numbers shift for May.

Interestingly enough, all west valley cities still saw slight increases in median home prices, except for Glendale which held flat. Low inventory levels still depict an extreme sellers market, again completely opposite of the mortgage bust when lending institutions shot inventory levels up to 18mths causing a surplus of homes for sale and driving prices down. Maricopa county is sitting at less than 1 month inventory, so typically that low supply would not bring the prices down, only time will tell.

Inventory levels, basically supply demand are the number one contributor to home prices, as sales have slowed, Maricopa county overall all was down -1.13% compared to last year, inventory levels increases in all but two west valley cities. Phoenix is still down -7.23% and El Mirage down -8.82% compared to last year. Because inventory levels effect home prices so drastically thats always an important trend to follow. Avondale is up 155.81%, Buckeye up 87.50%, Tolleson up 68%, Waddell up 58.21%, Laveen up 59.68%, Peoria increased 30.36%, Litchfield Park up 26.19%, Goodyear up 25%, Surprise up 22.13%, and Glendale up 12.50%. Although these increases seem significant, we are still extremely low on supply, Maricopa county has only about 3 weeks inventory supply. All west valley cities are at 1 month or less of inventory.

Closed sales were down compared to last year in all west valley cities except for Laveen up 22.5%, Buckeye 8.3% up and Litchfield Park up 3.8%.

With interest rates expected to continue to rise throughout the rest of the year, and inventory levels creeping up we could see a “balanced market” next year. A bigger factor that we can not for see the effects of the real estate market would be inflation and a looming recession. Last time

inflation was this high, was the 80’s and interest rates were in the double digits. As far as good time to buy, 4-5% current rates could be very good rates compared to just how high they could go.

Market insights:

Although buyer traffic has slowed, there is still a fair amount of buyers still shopping for a home in the Phoenix area. Median priced homes, under $450,000 are still selling daily quickly under 2 weeks.

Price reductions: Most of the price reductions we are seeing are more like “price adjustments.” When 4-5 weeks ago the market was so hot that listings were coming on the market at an increase of what the previous homes had just closed at, thats no longer the case in todays market. So many of the price reductions are listings thats came on the market higher than the closed comps and they are prices adjusting to be in line with the comparable closed sales.

Personally with speaking to so many people about the real estate market, economic state, inflation and extremely high gas and food prices that our country is currently in I think consumer confidence is beginning to impact our local market. I am hearing a lot of buyers getting nervous and holding off on all major purchases for now, until theres more security in the economic state of our country.

So we will just keep tracking it month to month and keep you all up dated best we can with the local market trends.

Click to enlarge Market Report

Real Estate Market Update for Phoenix West Valley Cities April 2022

May 14th, 2022
Hows the Market?? Here is your West Valley / Phoenix area Real Estate Market Report for April 2022. Well its finally here, the SHIFT we have all been waiting for, is this the start of the “bubble busting,” “ the market crash,” “foreclosure market” Well lets take a look at what the heck is going on, and I can say, like I have said to my clients so many times, when it shifts, it shifts fast.
So whats the shift am I talking about? Jan-Mar was a frenzy, buyers were pressured more than ever to get into a mortgage with the threat rate hikes, multiple offers, waved appraisals, 20-50, even 70K over asking price. Listings selling within hours and some before they came on the market!! It was truly the craziest and busiest first quarter I have seen in 19 years!! Really insane! Then just like that  towards the end of April it hit….
Mortage interest rates took a jump have certainly caused a slow in demand in the market. We are seeing listings sit on the market a little longer, average days on market in most cities are up over 20 days. The rate hikes are going to knock many buyers out of the market, for example the median home price in Maricopa county is $470,000, in 2021 that payment would had been around $1800, today rates you’re looking closer to $2800.
Another condition causing this slow is that home values have now exceeded the median household income for affordability in Maricopa. In order for a family to qualify for the median home price the income would need to be over $120,000 per year.
With listings sitting on the market longer, we are seeing increased inventory levels over same month last year in all but two West Valley cities. Buckeye up 68.42%, Tolleson 41.18% increased, Laveen up 39.68%, Waddell up 39.13%, Avondale up 34.88%, Goodyear  up 28.57%, Litchfield Park up 22.22%, Peoria up 14.04%, Surprise up 11.94%, and  Glendale up 8.06%. While El Mirage inventory is was down -14.71% and Phoenix also down -13.25%.
Another indicator of the shift happening was the closed sales for May came up low in all West Valley cities except one. Buckeye was up 10.8% compared to May 2021, leaving them 11.0% up for the year to date. Waddell down -27.6%, down -6.3% YTD, Peoria down -21.4% and -9.0% YTD, Surprise down -11.9% and slightly behind last years sales at -0.3%, Avondale was down -10.7% and down -11.9%YTD, Laveen down -9.9% MTD yet still up 17.6% YTD, Glendale down -7.9% MTD and down -6.0% YTD, Goodyear also down -7.9% MTD and down -2.8% YTD, Phoenix down -9.4% and -7.6% YTD, Tolleson down -8.3% and -14.7% YTD, El Mirage down -4.8% and -3.4% down for the year, also down -4.8% Litchfield Park however they are still up for the year 6.6%. Maricopa county down -8.8% for the month and -4.1% for the year.
So whats this all mean??? Well if you’re waiting for the market to BUST, its just not happening anytime soon. Waiting for the foreclosures? Absolutely no sign of that in the near future whatsoever! 21 homes in all of Maricopa went to Trustees sale and all were purchased by private parties, zero went back to the lender. Waiting for prices to plummet? Sorry, demand is still too strong and supplies still way to low, what we will see is a slowing of the huge increases month over month. Realistic sellers will price at market value, not increased over what the last home just sold for. We are seeing price decreases, however these are the aforementioned sellers that started too high to begin with. Just remember we are still in a “frenzy market”  extreme sellers market, and many buyers with cash aren’t affected with interest rates. It is still expected for home values continue to rise, just at a slower pace.

Real Estate Market Report- Phoenix AZ Area December 2021

January 12th, 2022
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.
Market insights:
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.

Phoenix Area Real Estate Market Report by City

November 16th, 2021
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.

West Valley Real Estate Market Report by the Jennifer Sanchez Team

August 12th, 2021
How’s the Market? Here is your West Valley Market report for July 2021! Well lets just get right into it, closed sales were down in all West Valley cities, with the exception of two, Laveen up 22.7% and Litchfield Park up 6.5%. Maricopa county overall was down -13.3% over last year. Waddell down -31.0%, Tolleson -30.2%, Avondale -27.1%, Surprise 25.7%, Goodyear -23.4%, Peoria -20.6%, El Mirage -18.6%, Buckeye -16.9%, Phoenix -12.8%, and Glendale -9.1%. Is this a sign of the BUST? Absolutely not. If you remember last year with the COVID shut down, although real estate was an essential and never closed there was a slowing in the spring when the state closed. Then when it opened back up June, July exploded real estate sales where some of the highest and busiest months compared to previous years. I know personally it was my busiest summer in 17 years. So these slow sales to me are just an indication of a normal summer selling season in Phoenix area, and a reflection of the increased sales last year.
More proof that we are still in a strong sellers market is that homes are selling quicker than ever, on average less than 2 weeks on the market. Home prices are continuing to increase at a rapid pace. Median home price in Maricopa county is $375,000, thats a 25% increase over last year! The low inventory levels continue to drive the median home prices in all cities. Laveen is up 35.59% year to date, Buckeye 32.08% El Mirage 30.43%, Tolleson 29.41%, Avondale 28.30%, Waddell 27.82%, Glendale 27.27%, Goodyear 26.98%, Surprise 25.76%, Peoria 24.28%, Phoenix 22.81%, and Litchfield Park 15.04%.
The inception of this monthly blog came to me because the first thing people would ask as soon as they heard I was a real estate agent,  “How’s the Market?” well I don’t get that question anymore, now it “So when is the market going to Bust?” My first response to that question is that this is not the 2004-2006 housing boom, which was born on bad loans, stated income, interest only, basically buyers bought homes they couldn’t afford when the interest rates adjusted and with no equity it was a lost cause and the beginning to the downward spiral.  In this market, buyers are putting large down payments, cash over appraisals and fixed payments, therefore they have equity in their property so the foreclosure threat just isn’t there.
This market is a housing shortage due in part of that housing crisis, as home builders stopped building homes for several years and attributed to our current low inventory levels. However builders cant seem to build quick enough to help level out this market.
Another driving force in the Maricopa county is the increase in jobs. Many companies have relocated to Maricopa County bringing thousands of jobs. Low property taxes and low income taxes, nine months of perfect weather and no natural disasters make Maricopa county a perfect place to  retire and that continues to be the number one reason people move here.  All those things combined with the low inventory supply is whats driving Maricopa county home prices upward and none of these indicators seem to be stopping any time soon.  Of course there are other  factors that can effect a real estate market, over all the economy right? So far right now, market is still going strong.

April 2021 Real Estate Market Report- Phoenix AZ

May 14th, 2021
How’s the Market? Here is your West Valley Market report for April 2021! So at this point you all know we are in a supply shortage and driving prices up, multiple offers and buyers having a really hard time getting a home. Well nothing has changed, except that theres less inventory and sales are exploding! Which is just incredible given the low amount of inventory.
All West Valley cities except for El Mirage -4.5%  and Tolleson -7.5%, had record sales over last year for the month of April. Waddell was up 61.1%, Avondale was up 48.8% over last year, Peoria 47.4% up, Phoenix 41.2% up, Glendale 38.9% up, Goodyear, 37.6% up, Surprise 33.2% up, Laveen 15.9% up and Buckeye up 2.0%. Maricopa County overall was up 42.0% in closed sales for the month.
These sales are incredible when you compare the drop in inventory over April last year. Goodyear -67.18% down, Buckeye -67.04%, Peoria -60.42%, Waddell -57.49%, Avondale -56.57%, Litchfield Park -57.21%, Surprise -53.33%, Tolleson -50.98%, Phoenix -43.24%, Glendale -37.62%, Laveen 36.36%, and El Mirage -17.86%. Maricopa County overall was down -50.86% in inventory supply for the month.
Median home prices are up every where year to date. Laveen is up 30.86%, Buckeye up 27.21%, Waddell up 24.61%, Tolleson up 23.53% Glendale up 23.05% up, Goodyear up 22.58%, El Mirage up 21.71%, Peoria up 21.23%, Avondale 20.80% up, Surprise up 19.86%, Phoenix up 17.90% and Litchfield Park up 16.12%. Maricopa county up 18.96% over last year with a median home price of $355,700.
Market insights: Still seeing multiple offers going well over asking price. Buyers are having to get more creative than ever when competing with 15-20 other buyers, most are waiving appraisals and inspections, accepting the home in as-in conditions with no repair request. Risky, yes, but thats what it takes to get your offer accepted.
Experts continue to predict that we will continue this type of demand market well into 2022. Once again, this is not a housing bubble, but a low supply for the amount of people moving into the greater Phoenix area. Affordability is still very reasonable at 62% for the median house hold income of $80,000.  More good news from the forbearance numbers showing a 22% drop last month in homes in forbearance. Many folks paying the debt in full while others partook of the repayment plan. Only 16.9% of the 2.2 million homeowners don’t seem to have a plan at all. For Maricopa county that is roughly little over 7,000 potential mortgages in default compared to 500,000 homes during the mortgage crisis of 2006-2011. Given the increase in home prices, those folks will likely be able to sell their homes and avoid any type of foreclosure.

Phoenix West Valley Market Report March 2021

April 15th, 2021
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.

Phoenix Area Real Estate Market Report for February 2021

March 17th, 2021
How’s the Market? Heres your West Valley real estate market report for February 2021. It’s no secret the Phoenix real estate market is experiencing a historical phenomenon in many areas, but how long can this last is really the bigger question on everyones mind. Many of you have followed my market report for several years, along with tracking the market conditions on the MLS, I also follow several other professional statisticians in the Valley to hear their take on what the numbers are saying. So here’s a conglomeration of what is being said by experts interpreting the market numbers. All fingers still point to a major supply issue, low supply and high demand. Total inventory has a month-over-month decrease of -7.7% and the year-over-year reflects a -43.8% decrease. In order for our current market to go back to a “normal” market, we would need 7 times the current inventory supply. That would be a phenomenon in and of itself if all of a sudden that many homes all of a sudden listed for sale. Instead what is happening is as home come on, the sell right away, mostly with multiple offers and those buyers that didn’t get the home wait for the next home. Which means the next new listings sell quickly and we continue this low inventory supply. So with that said, we don’t see the “sellers market” disappearing anytime soon.
The other phenomenon we are seeing is home prices rapidly increasing. Median home price in Maricopa county is currently $349,250, February 2020 was $295,000 and 2019 was $265,000. Check out the link below for a breakdown on median home prices for each West Valley city. The $300,000-$399,999 is the top selling price range in Maricopa county and all West Valley cities except one. Maricopa county sold 1713 homes in this price range last month, followed by Phoenix with 404,  Surprise with 168 sales, then Glendale with 132 sales, Peoria with 99 closed, Goodyear with 84 sales, Buckeye with 73, Avondale with 57, Tolleson with 31, Laveen with 30, and Litchfield Park with 27. El Mirage sold the most homes in $250,000-$299,999 with 26 homes sales.
Closed transaction continued strong in many West Valley cities. Tolleson had a 14.6% increase over last year, Litchfield Park with 13.6% increase, Phoenix up 10.0%, Avondale up 5.4% &, Peoria +4.1%, Goodyear +2.4%, and El Mirage was flat for the month. Some cities came up short last month in closed sales compared to February 2020, Buckeye -16.2%, Laveen -11.9%, Surprise -10.3%, and Glendale down -7.1%.
Market insights: The market for locals is very much a stale mate, many Phoenix area homeowners would sell if they could find a home to move to, low inventory supply makes this very difficult for them to make the move. Local first time homebuyers are quickly getting priced out of the market, sad reality for many. Many buyers are still coming from CA, IL, and Washington state, they are offering over the asking price and waiving appraisal contingencies. This will continue to drive prices upward. Rental market has seen a 21% increase over last year, making it more affordable to purchase than rent, however there just aren’t enough homes for sale so many tenants continue to lease.

Phoenix West Valley Real Estate Market Report January 2021

February 19th, 2021
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.

West Valley Market Report by City December 2020

January 8th, 2021
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.