Welcome to Phoenix, AZThe Valley of the Sun centers around Phoenix
PHOENIX, AZ MARKET
October, 2021 Phoenix Metro Area
For the monthly period ending October 15, we are currently recording a sales $/SF of $252.31 averaged for all areas and types across the ARMLS database. This is down 0.2% from the $252.77 we now measure for September 15. Our forecast range mid-point was $256.27, so we were expecting a 1.4% rise and saw a slight fall instead. However the result was well within our 90% confidence window.
On October 15 the pending listings for all areas & types show an average list $/SF of $263.96, up 2.8% from the reading for September 15. Among those pending listings we have 99.6% normal, 0.2% in REOs and 0.2% in short sales and pre-foreclosures. The short sale and pre-foreclosure percentages remain extremely low.
Our mid-point forecast for the average monthly sales $/SF on October 15 is $260.63, which is 2.8% above the October 15 reading. We have a 90% confidence that it will fall within ± 2% of this midpoint, i.e. in the range of $255.42 to $265.84.
Prices have been pretty flat for the past 4 months, but we are expecting them to rise significantly during the fourth quarter. We remain confident of this due to the strong upward trend in the average price per square foot for listings under contract.
MEDIAN SALES PRICE
AVG. PRICE PER SQ. FT.
Data as of 10-15-21 courtesy of Cromford Report® and First American Title
WHAT YOU NEED TO KNOW
Phoenix is a sprawling and busy metropolitan area with Sky Harbor Airport voted “America’s Friendliest Airport” that is one of the busiest airports in the nation serving 46 million passengers in 2019. Phoenix began as an agricultural, farming community and is still impacted economically by local growers and the 5 Cs: cotton, cattle, citrus, climate and copper. The Phoenix metropolitan area is serviced by 56+ hospitals and medical centers. The Mayo Clinic, is north of downtown, Banner Health is a non-profit health system in the United States, based in Phoenix and on of the city’s largest employers. Barrow Neurological Institute (BNI) is the world’s largest dedicated neurosurgical center and a leader in neurosurgical training, research since 1962. While Cancer Treatment Centers of America cares for patients from all over the nation.
Things to do in Phoenix, AZ
WHY CHOOSE PHOENIX?
According to Payscale, Phoenix’s cost of living is 5% lower than the national average. Compared to other cities around the nation property taxes are lower. Tourism has always been a large economic source for the Phoenix area, but the influx of GoDaddy and InfusionSoft along with other IT companies is creating a technology hub. AZ Big Media says more than 60 percent of the private sector works in advanced industry sectors: business and financial services, bioscience and healthcare, manufacturing or technology. This diversified job market is great for the local economy and shows resilience. Exemplifying how Phoenix was named for a bird that rises out of the ashes.