Arizona’s housing market is hot and doesn’t plan to slow down anytime soon! Check out our monthly update.
According to data from the ARMLS® from March 1, 2021 to March 31, 2021, monthly sales in the Phoenix metro area rose significantly from where they were at this same time last year. With a 13.7% year-over-year increase, sales landed at 9,806 for the month.
The Arizona housing market is hotter than ever with sales up 28% from the previous month.
At $507K, March saw a 27.8% increase in average list price year-over year. Median prices are also on the rise. With a 21% increase from March 2020, the median list price in March was $375K.
Average sale prices increased by 24.8% between March 2020 and March 2021, landing at $470.2K. The median sale prices also rose significantly with a 18.8% year-over-year increase. The March median sale price was $359.3K. Both median and average sale prices are expected to continue to rise.
Days on Market (DOM)
The Average Cumulative Days on Market in March was 37. This is a 6-day decrease from the previous month and a 20-day decrease from March 2020, showing the market is on a continued hot streak.
A Message From Wayne Graham, Head of Real Estate [HRE]
“The best way to describe Arizona’s current housing market is blistering hot and it has no plans to slow down. Our beautiful weather, entertainment, and a reasonable cost of living continues to draw out of state buyers. We began March with a total of 11,822 residential listings under contract. We will see near record or record numbers again in April.”
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