By Joseph Callaway
According to the Arizona Multiple Listing Service in 85254, there were 85 single family homes that sold in March of 2021. The average sales price was $801,800 with an average price per square foot of $299.19. Single family homes took an average of 31 days on the market to sell.
Arizona Multiple Listing Service also reports that there were 36 condos and townhomes sold in March of 2021. The average sales price was $588,618 with an average price per square foot of $405.82. Condos and townhomes took an average of 72 days on the market to sell.
Rentals were on fire in March of 2021. Rates ranged from a low of $1.01 per square foot up to a high of $13.17, with an average price per square foot $1.79. In other words, a 2,000 square foot home went for an average of $2,980 a month.
The big story is the Sold Price versus the Asking Price or List Price. While a few homes sold for less than asking, the average sale was for 1% over asking and a few sales were for as much as 20% over asking, a remarkable number.
The reason for this buying frenzy is not that there are more buyers than usual. It is because so few homes are for sale. Will this situation change? Yes, the market always changes, but the real question is when and in what way. It is difficult to imagine a further tightening of supply but far easier to predict more homes coming to market. Mortgage rates will probably rise. With the implementation of the vaccine, COVID 19 restrictions are lifting, giving many people an opportunity to now make a move that they were putting off. One thing is certain, the market will change gradually and our realization of that change will come suddenly. That is the adventure.
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Read this article at MyHyperLocalNews.com.
See this article on page 17 of The Scottsdale Standard.
Joseph Callaway is co-owner of Those Callaways, an independent brokerage operating in 85254 for 25 years. For additional information, visit ThoseCallaways.com or call 480-596-5751.