Real Estate Market Report Phoenix Arizona December 2020
December real estate in the greater Phoenix area continues to suffer from an acute housing shortage. Active listings stand at 7,388, down 46.7% year over year, and the median sales price is $330,000, up 17.4% year over year.
Many of the government programs that have protected both renters and owners from foreclosure or eviction during the pandemic are set to expire at the end of this year. Owners are less impacted by the potential expiration as they almost certainly have equity in their homes that could be tapped in an emergency; however, renters are in a more difficult position and industry analysts are predicting a possible wave of evictions if the moratorium is not extended. The most recent national statistics for the number of people who rent versus own is 36.6% who rent and 63.3% who own. (IProperty Management, 2020)
Interest rates have hardly moved and are still at historic lows. Thirty-year money is down slightly at 2.71% with .7 points, and rates are expected to remain the same for the foreseeable future. (Freddie Mac, December 2020)
For sellers, the go-forward market looks bright. Due to our historically low inventory and very low interest rates, home values are expected to remain high well into next year. This may not be good news if you are a buyer looking for a deal, however, our extremely low rates make Phoenix housing very affordable.
If you are thinking about making a move this year, then please don’t hesitate to reach out. I am an experienced, local real estate specialist serving the entire East Valley of Phoenix, Arizona. It would be my honor to assist you on your real estate journey and help you to navigate the process of buying and selling Arizona Real Estate. Working with an experienced team of real estate professionals matters even more now than it ever did. From start to finish, I will be there to guide you and answer your questions with no pressure, only the highest level of care and support! Please don’t hesitate to contact me via email or call/text 480.220.1321 to schedule a no obligation consultation today.
Keely Semon, Realtor®
East Valley Real Estate Specialist
United Brokers Group