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Ranch Realty: Shift in the "Valley of The Sun" Housing Market?

Shift Coming in Metro Phoenix Housing Market

 July 22, 2021 Lee

By Catherine Reagor | Arizona Republic

Sellers’ grip on metro Phoenix’s housing market is starting to slip.

The supply of Valley homes for sale has steadily been climbing for the past few months, giving buyers worn out by bidding wars and new monthly home price records a better chance to close on one.

Drops in listing prices are on the rise too.

Valley home listings are up almost 43% since late February, according to The Cromford Report. And price reductions in homes listed for sale have jumped 102% since mid-February.

It’s also taking a couple days longer for Valley homes to sell because buyers have more choices.

“We are seeing a shift from an extreme sellers’ market,” Tina Tamboer, senior housing analyst with Cromford, “It’s still a sellers-market, but buyers should have a little more hope.”

She said home prices won’t fall as the market gets back in balance, but they also won’t keep appreciating at 3.5% a month.

Tamboer emphasizes markets conditions can change quickly, and she is not making long-term predictions.

Best metro Phoenix areas for buyers

Anthem in northwest Phoenix is seeing the fastest shift away from a sellers’ market, according to Cromford.

Tamboer said demand and supply could be back in balance in Anthem within the next five weeks, and sellers should take that into account when pricing their homes.

Farther-out metro Phoenix communities are expected to shift from giving sellers the upper hand the fastest.

Here is a look at what areas will strike a balance between supply and demand first, and how long it is expected to take, based on listings and sales:

  • Laveen: 1.9 months
  • Avondale: 2 months
  • Fountain Hills: 2.2 months
  • Gilbert and Queen Creek: 2.5 months
  • Peoria and Casa Grande: 2.7 months
  • Surprise: 2.8 months
  • Buckeye: 3 months
  • Tempe: 3.4 months
  • Scottsdale: 4.2 months
  • Phoenix: 4.5 months
  • Chandler: 4.7 months
  • El Mirage and Mesa: 4.9 months
Source with Permission: https://scottsdalerealtors.org/2021/07/22/shift-coming-in-metro-phoenix-housing-market/

Ranch Realty has been selling, leasing and managing residential real estate in Maricopa County, Arizona cities and neighborhoods since 1974. Our friendly, experienced sales and leasing agent are Valley of The Sun real estate experts. We represent buyers, sellers, renters, landlords and investors.

Ranch Realty has furnished and unfurnished residential rental properties in cities and neighborhoods Valley-wide. We write long and short-term lease agreements on homes, condos and town houses in the cities of Scottsdale, N/E Phoenix, Fountain Hills, Paradise Valley, Cave Creek, Carefree and many others.

Ranch Realty agents specialize in the master planned communities of McCormick Ranch, Scottsdale Ranch, Desert Mountain, McDowell Mountain Ranch, Troon and many others.

Ranch Realty Property Management provides the following services to absentee owners, landlords, investors and tenants...

> Marketing of Available Rental Properties
> Tenant Acquisition
> Screening and Background Checks
> Lease Preparation and Lease Enforcement
> Rent Collection
> Tenant Issues, Maintenance and Repairs
> Periodic Property Inspections
> 24-Hour Internet Access to Property Data & Financials

Ranch Realty
Ranch Realty Property Management

7353 North Via Paseo Del Sur, Suite 470
Scottsdale, Arizona  85258

Ranch Realty
Ranch Realty
(480) 991-4000, Ext: 11
7353 E. Via Paseo Del Sur #470 Scottsdale AZ 85258
no name available Ranch Realty