Phoenix Metro Area Market Update Jan. 2022
Here’s what we are seeing in the market the last 30 days:
The overall numbers have not changed drastically within the last month. The momentum is still heavily in favor of sellers and will remain that way until we see a drastic increase in inventory. Although the percentage of Buyers in the market is not historically different, the lack of inventory is causing a sharp hike in the month-over-month price increases in homes.
Experts are still hopeful that we will see somewhat of an increase in inventory mid- to late-February, but with inventory being so behind, this will still make a minimal impact on the overall seller’s market strength. Ultimately, to see less of a frenzy and for pricing to not escalate at such a high rate, we need more homes to come on the market for sale.
Renters
Renters may be seeing an increase in homes available to rent, but they will likely see record high rental pricing to go along with it. In the end, it still seems more cost effective for renters to purchase homes while rates remain under 5%.
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