Annual Changes from March 7th, 2020 to March 7th, 2021:
Active Listings = 4,671 (down 57.1%)
Listings Under Contract = 12,309 (up 0.4%)
Monthly Median Sales Price = $350,000 (up 17.8%)

*44% of sales closed over asking price

*New listing counts lowest in over 20 years

*Demand has been dropping faster than supply and could return to a normal level by June

*The average mortgage rate rose to 3.02%

Median Sales Price by City:
Paradise Valley – $2,700,000
Arcadia – $1,050,000
Scottsdale – $850,000
Cave Creek – $700,000
Fountain Hills – $634,000
Gilbert – $465,000
Chandler – $420,000
Mesa – $380,000
Phoenix – $370,000

Have questions about the real estate market? Call/text or email me. I am happy to be a resource for you!

Check out the last market update here.

Data sourced from The Cromford Report.