“Buy land, they’re not making it anymore.” ~Mark Twain On June 19, 2020 I wrote, “Econ 101 taught us about supply and demand. To measure the health of the real estate market we look at new listings AKA supply, and new pendings AKA demand. When demand out paces supply, prices go up. This has beenContinue reading “Greater Phoenix Real Estate Update 1/7/2022”
Remember at the beginning of the year we hoped for answers and less political strife? Whether or not those were accomplished remains to be seen but one thing is for sure, 2021 was a year of records. Nationally, median sales prices peaked, for sale inventory bottomed, average days on market bottomed, over-asking price sales peaked, mortgage rates hit all-time lows, and second home demand surged.
When you are asked, “How is the market?” what do you say? Is it a great time to buy? Is it a great time to sell? Is it a great time to be a homeowner? I would say yes to all of those. The data supports the continued growth, continued strength, and continued appreciation – just at a slower rate.
Yesterday I had lunch with three of Greater Phoenix’s premier real estate analysts. As the conversation moved from appreciation rates to price reductions to data quality to seasonality, the question kept coming up, “What do you think will happen in 2022?” It is forecast season after all. Time to reflect on the year that was and plan for the year ahead.