In May, data still doesn’t show much relief for buyers. We continued to see restricted supply, homes selling quickly, and rapidly rising prices, expected to continue throughout the summer. All data pulled from the ARMLS® from 5/1/2021 to 5/31/2021.
In May, sales remained high but were down by 3.7% from the previous month with 9,127 homes sold. This number is also an impressive 33% increase from May 2020.
Average list prices are still on the rise, up 27% year-over-year. The average list price in May was $520.8K, a slight increase of $2,200 from the previous month. Median prices also remain on the rise with a 25% increase from May 2020.
Sales prices continue to climb for Phoenix homes. The average closing price in May was $504.6K, a 43.2% year-over-year increase. The average sales price increased by $11,700 from the previous month.
Days on Market (DOM)
The Average Days on Market in May was 29. This is a 3 day decrease from the previous month and a 21 day decrease from May 2020. Any homes on the market are continuing to sell rapidly.
A Message From Wayne Graham, Head of Real Estate
“The data from May proves little to no relief for home buyers in the Phoenix market. We are still seeing a trend of sparse supply, quickly rising listing prices, and homes selling faster than ever. We will continue to see a trend of out-of-state buyers, who made up 21.4% of all homes purchased in May.”
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