Here’s why this is the hottest market I’ve seen in 10 years.

We’re into February of 2021, so it’s time to look back at the final stats from the first month of the new year in our Greater Phoenix Area and how they compare to January 2020:

• New listings dropped 10% from 9,800 to 8,833

• Active listings dropped 32% from 14,033 to 9,493

• Sold listings rose 12.5% from 6,475 to 7,290

• The months of inventory dropped 40% from 2.17 to 1.3 months 

So we have fewer homes coming on the market while homes sales rose 12.5%. I call this a “squeeze.” More buyers are coming onto the market because interest rates are below 3%. Not to mention all the relocation buyers moving here and scooping up our inventory. We have cash offers, multiple offers, bidding wars, dropping appraisals, etc. This is one of the hottest markets I’ve seen in 10 years. 

If you’d like to talk more about this market and strategize about how to maximize the value of the home you’re trying to sell and/or get your offer accepted for the home you’re looking to buy, give me a call 602-738-9943. I look forward to hearing from you soon. Make it a great day!