Here’s the latest data from our real estate market and what it means.

The March 2021 real estate numbers are almost impossible to believe. 

We had 11,391 homes come on the market in March, compared to the 18,698 that were listed in the same month last year, which is a 39% decrease. We had 10,884 active houses on the market last month compared to 11,352 last March, which is a 4.2% decline. The number of sales rose 17.2%; 10,393 compared to 8,865. Our months’ supply of inventory dropped to 1.1 months compared to 2.11 last year, for a 48% reduction. 

“5,000 Californians are moving to Arizona every 30 days.”

We have a lot fewer properties coming onto the market for many reasons. One of the main reasons is that people are having a more difficult time finding the home they want to purchase next, so they’re waiting to sell their current home. Rates have also climbed 0.5% in the last month, which leads to a 5% decrease in what buyers can afford. Every time rates go up 1%, purchasing power declines by 10%. 

Additionally, we have a slew of people moving here from out of state. I read a report recently that said 5,000 Californians are moving to Arizona every 30 days—and that’s just one state. Along with that, builders aren’t able to build as quickly, and bidding wars are happening constantly. All these reasons are why the real estate market is in a bit of a frenzy right now.

We have ways of helping people sell their houses and purchase new ones without going homeless. Give us a call 602-738-9943 or send an email jason@thepenroseteam.com, and we’ll show you how to do it. We look forward to hearing from you soon.