Demand For Homes In Phoenix Is High!


Episode Transcript

Hey everybody. Welcome back to another episode of Market updates with This is the podcast room bring you Arizona real estate trends, stats statistics talk about what the real estate market is doing in Arizona, the Phoenix metro area, and in some of the smaller surrounding cities within the Phoenix metro area. As always, you can listen to the AZ digest, market updates podcast anywhere you get podcast episodes from Spotify to iTunes. If you enjoy the show, please like, subscribe. If you have questions about real estate specific questions, or you’re thinking about buying or selling a home, don’t hesitate to reach out to us, you can find us at az And we’re happy to help you with all of your real estate buying and selling needs. Today, I want to talk about demand. We’ve talked in previous episodes about supply, how many homes are for sale? The lower that number is right, the harder it is to purchase. We’ve talked a lot about that we’ve talked about month supply, which is kind of a good indicator in terms of where are we at with supply and demand? We haven’t really focused on what is the demand out there in terms of buying a home? And how is it different now versus last quarter, last year, two years ago. And so that’s what I want to touch on today. The stat I have pulled up is monthly dollar volume in sales. So basically, if you took the month, the last 30 days, and you add up all the real estate sales in the Phoenix metro area, what is the total dollar volume in sales? Well, that number for today is $3.7 billion. So in the last 30 days, there’s been about $3.7 billion in real estate sales. This time last month, there were $4.4 billion in real estate for the previous 30 days. So we’re looking at 3.7 billion 4.4 billion. If you take those numbers and compare it to last year, and two years ago, we start to understand why there’s this built up kind of inventory issue, right? It’s because there’s a ton of demand. So I just said today’s numbers 3.7 billion last month number 4.4 billion. If we go back to last year, the dollar volume for monthly sales, this time last year was $2.8 billion. So we’re seeing an increased demand of like 35%. So there’s been 35% more volume sold this time today in the last 30 days than last year for the previous 30 days. That time last year. And if we go back two years, that same number, so 3.7 billion today 2.8 billion last year, two years ago, $2.1 billion. So another decrease. So for the last year in two years, not only have we started to see recent inventory issues, but we’ve seen this increase in demand this increase in transactions, and this increase in sales, which is all contributing to the market we’re in right now, which is, as we’ve talked about in previous episodes 100% a seller’s market. If you’re looking to buy a house right now, and you’re a buyer, you’re going to run into depending on what price point you’re looking at, you’re going to run into, most likely some type of issue you’re going to be competing against other offers, there’s going to be limited things to look at. That’s just the market we’re in. I’m working with buyers currently, and we put an offer in on something. And day one, day two, it already has two or three other offers at full price. It’s just the market rent, if you’re looking to sell your home now is you’re going to most likely get a really good offer right now. If you market your home correctly. Because we are in a seller’s market, there’s limited inventory. So if you put your house on the market, there are more buyers than there are sellers right now. I promise you, if you market it right and you price it right, you’re going to have a good offer rather quickly. And you’re going to have a lot of leverage in that transaction. So that’s just where we’re at. And we’ve talked about this in previous episodes. significantly less inventory and increased demand puts us at a seller’s market but that dollar volume amount really kind of shows
How much demand has increased not only in the last quarter, but in the last year, two years. Phoenix people are moving here. And I think that’s really why we’re starting to see that that number increased so much. And it’s just something we’re going to have to deal with the markets going to have to adjust to and correct because I hope this was helpful. Again, this is market updates with easy digest, please don’t hesitate to reach out to us. If you have questions about buying or selling or specific stats in the city that you’re in. You can always reach out to us at easy digest calm. You can also find us at at easy core consultants on Instagram. So thank you so much and we’ll catch you next time.