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Market Pulse – Phoenix February 2021

by | Feb 28, 2021 | Buying, Phoenix, Selling

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Even with the deep freeze across much of the rest of the country and Punxsatawney Phil predicting a longer winter, prospective home buyers and sellers are very active and looking forward to spring. 

All stats below are based on End of Month in December vs January:

Homes on the market – 9,444 vs 8,863 (down 6%)
Average days on the market – 42.5 vs 43 (up 1%)
New homes on the market – 7,001 vs 9,011 (up 29%)
Homes sold – 10,019 vs 7,355 (down 27%)

View current market data

In January 2020, there were 14,097 homes on the market compared to 8,863, a drop of 37% to January 2021, year over year. And also in January 2020, average days on the market for homes was 63 days versus 43 in January 2021, an increase of 47%. The market is moving quickly and appreciating fast. We are seeing multiple offer situations making this a great market for sellers but difficult for buyers. 

What if I’m a seller?

Even in such a strong seller’s market it’s still very important to price your home properly. If you’re overpriced, your house may sit on the market for a long time. Having a pre-inspection before listing, and taking care of any issues that come up in that, can go a long way for getting better offers with waived inspections. There’s less hassle and risk once you’re actually under contract.

Here are a few blogs that might help you as a seller:

What if I’m a buyer? 

With so few homes on the market compared to last year, buyers need to be aggressive to get under contract. It isn’t uncommon for homes to receive multiple offers and sell for 5-10% over asking price right now. Plan to offer more terms than just a good price. Those could be: waived inspection, extra down payment in case of a low appraisal, and making your earnest money non-refundable. 

Here are a few blogs that might help you as a buyer: 

AWhen you hire Trelora, you pay just 1% to sell your home. You’ll also get best-in-class customer service, and a team of expert agents who close hundreds of deals per year. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Los Angeles, Phoenix, Raleigh, Sacramento, Seattle and Tucson. In the meantime, please stay healthy and safe.

Kind regards,

Brock Embree
Trelora – Phoenix

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The information contained in this blog is for general information purposes only, and while believed to be accurate, Trelora assumes no legal responsibility for accuracy. Information provided within should not relied upon as legal advice. Please consult with your local advisors for independent information regarding availability and applicability in your market.