By Holly Henbest, Realtor
While we all hope 2021 is vastly different from 2020, we are seeing that the real estate market is on the same growth path. The theme for 2021 so far remains consistent that inventory is low and demand is high. Interest rates remain at all-time lows, but there are indicators that they may go up a bit as we proceed through 2021.
We’re also seeing demand from out of state buyers continue to grow, with 20% of the sales in December 2020 attributed to out of state buyers. California and Texas are the top two states contributing to our increased population and home purchase demand.
Here are some Maricopa County stats to support our 2021 themes:
• From December 15, 2020 to January 15, 2021, we saw the price per square foot increase 3% in Maricopa County and it has grown 15.8% in the last six months.
• Some economists are predicting a 20% price appreciation by April.
• In comparing January 2020 to January 2021:
• Active listings were down 50.1%
• Overall sales were up 28.3%
• Price per square foot was up 17.6%
December 2020 vs. December 2019 Cave Creek Stats:
Average Sale Price December 2020: $727,971
Average Sale Price December 2019: $579,409
Total Sales December 2020: 97
Total Sales December 2019: 65
Average Days on Market December 2020: 68
Average Days on Market December 2019: 83
December 2020 vs. December 2019 Phoenix Stats:
Average Sale Price December 2020: $429,809
Average Sale Price December 2019: $366,650
Total Sales December 2020: 1,678
Total Sales December 2019: 1,326
Average Days on Market December 2020: 36
Average Days on Market December 2019: 55
If you are considering buying in this market, be prepared to act quickly. You’ll want to ensure you are pre-qualified and determine what terms you’re willing to negotiate. A lot of listings will receive multiple offers and your offer will be in competition with other qualified buyers, so ensure you put your best foot forward. If you are selling in this market, you’ll want to ensure you have top notch marketing and a Realtor to negotiate the best price and terms.
Holly has been a Desert Ridge resident since 2000 and has been a realtor since 2006. She is the leader of The Henbest Team with Realty One Group. Holly is ranked in the top ½ of 1 percent of Realtors in Arizona and is a Certified Luxury Marketing Expert. She was also ranked #24 in 2019 by the Phoenix Business Journal and recognized by So Scottsdale! magazine as a Real Estate Superstar for 2019.