By Holly Henbest, Realtor
While in high school, I was on the newspaper staff and had my own column called Holly’s Headlines. So, for this month’s real estate column, I bring you Holly’s Real Estate Headlines. I have broken down the key must-know headlines by category. (Note: all information is current as of press time.)
Housing Price Appreciation
• The appreciation rate on home sales in Arizona peaked in May at over 39%.
• The appreciation rate in Arizona is now below 30%.
• The appreciation rate for the U.S. was 17.2% as of August 1.
• The appreciation in Arizona is projected at over 10% for the next year.
• Our median price of $399,900 is still $100,000 less than median home prices in San Francisco, Los Angeles, Seattle, Portland, and Denver.
Supply and Demand
• The Phoenix metro area ranked number one for housing shortage in July.
• We are currently trending at less than a month of available inventory in Arizona.
• Supply is growing and demand is steady.
• We are still a long way away from a balanced market of supply and demand.
Population Growth
• Arizona is now the fifth largest city in the U.S. per the 2020 census.
• Phoenix grew 11.2% since 2010.
Rental Market
• Phoenix is ranked number one in the nation for the biggest rent increase with Phoenix apartment rental rates growing 21.6% since last year.
Investors
• Investors buying single family homes in Arizona to rent have increased from 14% of sales to 18% of sales in the last few months.
• Arizona is currently experiencing the highest level of investor buying since 2014.
Home Equity
• Arizona is ranked number one in the nation for home equity.
• Mortgaged homes in Arizona considered to be equity rich rose from 16.3% in Quarter 1 of 2021 to 39.7% in Quarter 2 of 2021.
Current Local Statistics
Desert Ridge Data
• 21 single family homes currently for sale
• 23 single family homes under contract
• 38 single family homes sold in the previous 30 days
Tatum Highlands Data
• Five single family homes currently for sale
• 11 single family homes under contract
• 12 single family homes sold in the previous 30 days
Tatum Ranch Data
• Four single family homes currently for sale
• 10 single family homes under contract
• 17 single family homes sold in the previous 30 days
Do you have questions about buying or selling a home? Give The Henbest Team a call at 480-266-8785 or e-mail [email protected].
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.
