January Real Estate Market Update

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The Phoenix real estate market is continuing its unprecedented growth. This is N’Marie Crumbie with AgentCrumbie.Realtor brokered by eXp Realty, with your real estate market update.
In December 2020, the median price of a single-family home in the Valley was $357,000. That means 50% of homes sold under that price, and 50% sold over that price. At the end of 2021, that number jumped to $457,500 - that’s a 28.1% increase.
Each week in 2021, the annual appreciation outperformed the previous week (and the previous year). It was a good year for sellers looking to cash out their equity.
All valley cities saw massive appreciation last year, with Coolidge leading the way with a whopping 40.5% appreciation. Homeownership continues as a strong investment option to build wealth.
The total number of home sales in the valley was up nearly 5% in 2021 - but the mix is quite interesting. Fewer homes sold under $500,000. Sales Under $200,000 fell 40%, while sales between 200 and 500 thousand dollars fell 3%.
However, there was a 65% increase in the number of homes sold between 500,000 thousand -$1M
And another 68% increase in homes sold over $1M. While the number of resale homes was up, interestingly new home sales were down over 12% over the previous year, probably due to supply chain issues and lack of building materials. Building permits for both single-family homes and multi-family homes were up over 17% from 2020. That will certainly help increase inventory but not in the immediate future.
We started off 2022, with the fewest listings we’ve seen in at least the last 21 years. On January 1st of this year, we had 5,776 active listings of any kind across the Valley. Last year, we started with 6,055, so we are down nearly 5%. This extreme shortage of supply is not good news for buyers.
With the population continuing to increase in the Valley, and construction still trying to catch up, we don’t see a big slowdown coming anytime soon. However, interest rates have slowly been rising the last few weeks and all indicators are pointing to a continued increase. This could put a little throttle on demand, perhaps slowing growth a little bit. I know I sound like a broken record, but waiting to buy will cost you Money.
If you’re thinking about making a move this year, we should talk. With all the craziness in the market this year, you have a lot of options, whether you’re a buyer or a seller.
So to protect yourself - and your wallet - make sure you don’t fall for a well-funded advertising pitch. Make sure you talk to your trusted advisor who has your best interests at heart - and that’s me:
Agentcrumbie.Realtor. Saving You From Costly Real Estate Mistakes.
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