THIS WEEK IN PHOENIX REAL ESTATE…
Phoenix real estate in April 2021 is showing some signs of leveling off. Active listings are up a teeny bit from last week but still woefully short of what’s needed. With 4135 homes for sale, this is the highest volume of active listings we have seen since mid February, and it wasn’t exactly a cake walk then. It would take about 24000 additional homes to listed today to bring us to a normal inventory.
The median number of days before a house goes under contract is 6. Many listing agents set a 2-3 day viewing period with offers reviewed on the last day. 54.5% of the homes sold in the last month, sold for more than that asking price. Although that difference is typically between $10,000-$25,000, some buyers are bidding insane amounts over the list price. A house in Chandler sold for $605k in cash, $105,000 above the asking price. As the price range increases, so does the insanity. A home in Scottsdale sold for $1,026,000, $167,000 above the listed price Crazy times.
Inventory is so low (how low is it!) that the swing between the week’s high count on Saturday was 16% higher than the count on Wednesday, when the fewest homes are on the market. These swings are barely noticeable in a normal market. In some locations there can be twice as many homes listed on Saturday as the following Wednesday. This means that comparisons of April 1 with March 1 can be misleading because it depends on the day of the week they happen to fall on.