National Popcorn Day and Market Update (with video)!

Happy 2021!  I hope you enjoyed the holidays and that your year has started off well.  We’re doing something a little different this year.  You’ll see the standard Market Update below but we’re also adding a new feature call “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 Popcorn Day (today!) and provide a quick summary of this month’s Market Update.  You’ll learn something new about popcorn and hopefully have a smile or two!

Here is your full Market Update for January, 2021.  As always, let me know if you have any questions!

January real estate in the greater Phoenix area continues 2020’s trend of higher prices and lower inventory.  Active listings stand at 6,055, down 50.1%, year over year and the median sales price is $332,000, up 14.7% year over year.

Interest rates have hardly moved for over a year and are still at historic lows. Thirty-year money is down slightly at 2.65% with 0.7 points, and although current Fed projections are calling for a slight increase in rates by the end of the year, rates overall are expected to remain historically low. (Freddie Mac, January 2021)

Phoenix is still in the top five states for inbound relocations in America, with many more moving here than moving out. This will continue to put pressure on home availability, whether sales or rentals.

Home appreciation should continue but perhaps at a slightly slower rate in the second half of 2021. Rental costs are rising as quickly as home prices, and owning is still a very strong mitigation strategy to these rising rents. (Cromford report, January 2021)

All this means that 2021 should be a good year for real estate in Phoenix and that sellers are still very much in the driver’s seat.