National Chili Day and Market Update (with video)!
Hi [CONTACTFIRST],
Two months into 2021 and the real estate market is HOT! Once again, you’ll see the standard Market Update below, but be sure to check out our “National Thing of the Day! (and Market Update).” Click on the photo below for a fun little video where Torey and I talk about National Chili Day and provide a quick summary of this month’s Market Update. You’ll learn something new about chili, see how my chili cooking skills stacked up, and hopefully have a smile or two!
Here is your full Market Update for February, 2021. As always, let us know if you have any questions!
Incredibly consistent. That is one way to describe the real estate market in Phoenix. Housing inventory for the greater Phoenix area continues to hover at some of the lowest levels ever seen. Currently, there is less than one month’s worth of homes for sale. To put this in perspective, 2 to 3 months’ worth of homes for sale would be the norm.
The median sales price is $339,000, up 16.9% year over year, and active listings are 4,683, down 60.6% year over year. Interest rates continue their favorable run with 30-year loans at 2.73% with .7 points, down .74% year over year. More importantly, the Federal Reserve suggests rates will remain in the same range for quite a while. (Freddie Mac, February 11, 2021)
Buyers, it is rough out there! Highly competitive and moving at a frenetic pace, the best advice is know what you want and come prepared to make an offer. Also come prepared for competition as multiple offers are the norm, and homes can go very quickly, often in a day!
Sellers, be prepared for the buyer frenzy. Get your home ready for showings but be prepared for a quick sale. This means know where you will be moving and line up your future home well ahead of listing.
This year is shaping up to be a good year for real estate in Phoenix with sellers still very much in the driver’s seat.
Until next month, go enjoy some chili!