Arizona Real Estate Notebook

December 3, 2023

Phoenix House Prices HIGHER Than a Year Ago

First time in 11 months that the median house price in Phoenix is higher than it was 12 months earlier. And prices have been pretty flat since June. Number of Houses Under Contract to Buyers “… the number of listings under contract is distinctly underwhelming” – Mike Orr, The Cromford Report What Happens When Mortgage…

November 20, 2023

2 Phoenix Markets – Smaller vs Larger Houses

UP 35% from 2019 – Number of Smaller Houses (1000-2000 SF) for Sale DOWN 17% from 2019 – Number of Larger Houses (3000-4000 SF) for Sale I’m not exactly sure what’s going on but that’s a huge difference compared to pre-Covid 2019. Something similar happened last year but last year I thought a lot of it…

November 12, 2023

Months of Supply is Still Increasing Unusually Fast

I think the main reason for the rapid increase in months of supply in the second half of last year was skyrocketing mortgage interest rates AND iBuyers like Opendoor selling a ton of their houses and buying only a few. But that was last year. The iBuyers got their inventory of houses they owned down to where…

October 29, 2023

Big Jump in Months of Supply During Last 3 Weeks – Temporary Fluke or New Trend?

Months of Supply of Single-Family Houses for Sale in Phoenix MLS That’s quite a break in trend 3 weeks ago. Rates = Up I assume it was related to 30-year fixed mortgage rates getting close to 8%. Price Momentum = Flat In addition, Phoenix house prices have lost most of their upward momentum. The median…

October 22, 2023

The Number of Houses For Sale is Increasing a Lot for This Time of Year

Single-Family Houses for Sale in the Phoenix MLS The number of houses hitting the market is VERY low but the number of houses selling is even LOWER so the number of houses that are For Sale is increasing unusually fast for this time of year. If it continues increasing like this, it would upend the…

October 15, 2023

More Smaller Houses (1,000 to 2,000 square feet) for Sale Now than in 2019, Pre-COVID

Single-Family Houses for Sale in the Phoenix MLS 1,000-2,000 Square Feet Pink line is 2023.Green line is 2019, (pre-Covid). 2,000-3,000 Square Feet The same number as in 2019, pre-Covid. 3,000-4,000 Square Feet A lot fewer than in 2019 and 2022.A lot more than in 2020 and 2021. 4,000-5,000 Square Feet Similar to 2020 and 2022.A…

October 8, 2023

Phoenix Median House Price Down $4,000 in September

Median Single-Family House Sold Price in Metro Phoenix Falls from $469,000 in August to $465,000 in September Prices down $10,000 from a year earlier. Click the graph to go to the interactive version. Number of Houses for Sale May Surpass 2019 by End of Year Having a “normal” number of houses for sale in the…

October 1, 2023

YEA, Summer’s OVER! & Phoenix House Sales Less Than Half of 2021

Single-family house sales down more than HALF through August compared to Jan-Dec 2021 But house prices are a lot higher which helps slow the fall in total sales volume. The number of single-family houses listed for sale could be back to 2019 levels before the end of the year but will still be well below…

September 24, 2023

7,600+ Evictions Filed in Maricopa County in August – Only 2 Months in 2005 Were Higher

“Metro Phoenix’s record apartment buying spree drives up rents and evictions. Here’s why” – Catherine Reagor, Arizona Republic “Surge in Maricopa County evictions continues, with no sign of slowing” – Jerod MacDonald-Evoy, Arizona Mirror Click on the graphs to go to the full-size, interactive version. Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and…

September 17, 2023

See a Map of All Short-Term Rentals Registered with the City of Scottsdale

Phoenix Real Estate Market at a Glance All monthly graphs, click here. Map of All Short-Term Rentals Registered with the City of Scottsdale Click here. Click on the graphs to go to the full-size, interactive version. Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above). This information can vary a…