Here's The Greater PHX Area Real Estate Market Snapshot For February 2021!

We're back with another look at the Greater Phoenix Area Real Estate Market, this time with residential data for the month of February 2021. While new listings increased slightly with 8,074 new homes for sale entering the market the past month, it's 6.3% lower compared to the same time last year. Active listings continued to be low with a 8.7% drop from the 8,088 inventory in January 2021 to the 7,379 homes for sale in February 2021.

And yes, you have the right idea in mind- monthly sales continue to rise with February 2021 posting 7,250 home sold. That's a 9.4% increase from the prior month's 6,623 homes sold and 5.3% higher from the 6,884 properties that changed hands the same month in 2020. A noteworthy performance when you consider that those sales took place at an average sales price of $476,394 which grew 4% from January 2021's average at $458,035.

And have we mentioned that those homes sold in February 2021 spent an average of 40 days on the market, three days fewer or a 7% decrease from the 43 days average the month before?

Supply is expected to be around for even less than January 2021's 1.02, barely even lasting a month's time at 0.93 for February 2021. Competition is getting tougher between homebuyers as inventory goes down and home prices go up. But shouldn't that drive you more to find your dream home in the current market ASAP especially with the low interest rates we're enjoying?

Now don't just go diving headlong into the market for your next home without a plan. Get an edge over other competing buyers by teaming up with your local specialists. The Shanna Day Team is ready and willing to help you, call 480-415-7616 and get us in your corner!

Here's The Greater PHX Area Real Estate Market Snapshot For February 2021!