Greater Phoenix Real Estate News, Trends, Insights, and Analysis
Recent Market Updates:
- Greater Phoenix Real Estate Update 3/5/2021Today is all about the AZ market. Recently, Lawyers Title hosted a presentation with Tina Tamboer with the Cromford Report. She always shares pertinent and timely information. Below I have combined a lot of her information from her presentation, along with additional information from my research.
- This Week in Greater Phoenix Real Estate 3/1/21Inventory remains low. Crazy low. Demand, which has been elevated is now dropping faster than inventory. Our demand is now about 19% higher than normal and inventory is over 76% below normal. Prices continue to go up with no end in sight. The limited inventory is the cause of the decreasing number of pending listings each month. We are still running 13% above last year when we had significantly more listings available.
The real estate industry is always changing; today faster than ever before. We have brokerages valued in the billions; iBuyers; bombshell lawsuits (more have been filed); downward pressures on commissions; skyrocketing home values (Did COVID slow the rise?); dated systems, a global pandemic; historic low-interest rates; and an ever-shrinking inventory. It is a lot to keep track of. My market updates cover local and national real estate & economic news, trends, and data along with my own insights and analysis.