If you celebrate Easter, we hope it was a blessed weekend for you. And if you didn’t celebrate Easter, we hope it was a blessed weekend for you. After all, the word blessed simply means “happy.” As a kid growing up in Northern California, Christmas was, like most kids everywhere who celebrate Christian holidays, my favorite. It was a magical time of year. Mom’s favorite was Easter – Resurrection day. I couldn’t understand why she could like Christmas more than Easter? Many decades later, as I have entered the last quarter of life, I fully understand mom’s reason – there’s hope beyond the grave.
I have provided stats from two recent Phoenix Metro sales reports below. The first is the Cromford Report followed by Case-Schiller (C-S). Cromford’s report is darn near in real-time. C-S provides a slower more conservative rear-view mirror look depicting a home price index that’s figured over a 3 month period, but calculated monthly, with a two month lag time.
Comparing this time in 2021, we see the following changes compared to 2020.
Phoenix +15.6%
Seattle +14.3%
San Diego +14.2%
Boston +12.7%
Tampa +11.9%
Cleveland +11.7%
New York +11.3%
Charlotte +11.0%
Detroit +11.0%
Los Angeles +10.8%
Washington +10.7%
Minneapolis +10.7%
Portland +10.6%
Miami +10.4%
Denver +10.0%
Atlanta +9.6%
San Francisco +9.5%
Dallas +9.2%
Chicago +8.9%
Las Vegas +8.5%
Phoenix’s Case-Shiller index was again at the #1 spot for the previous month. According to Cromford’s analysis, this exceeded what was measured at the height of the housing bubble in June 2006. The average nationally for these top 20 metro communities was 11.2%.
Monthly Median Sales Price: $358,250 vs $301,000 last year – up 19.0% – and up 2.7% from $349,000 last month
In Cromford’s more “real time look” the following numbers give us a glance at 5 major categories:
Active Listings: 4,088 vs 13,211 last year – down 69.1% – and down 9.0% from 4,491 last month
Under Contract Listings: 10,152 vs 11,988 last year – up 23.9% – but down 0.4% from 12,630 last month
Monthly Sales: 10,385 vs 8,076 last year – up 28.6% – and up 29.2% from 8,039 last month
Monthly Average Sales Price per Sq. Ft: $231.61 vs $186.61 last year – up 24.1% – and up 1.7% from $227.68 last month
Monthly Median Sales Price: $358,250 vs $301,000 last year – up 19.0% – and up 2.7% from $349,000 last month
Listings continued to drop, down 69% versus one year ago, and down 9% from last month. Gee, can they ever get to zero? Due to the lack of listings, it then followed that listings that were pending (under contract), dropped 4% from last month.
The monthly median sales price is now at $358,000, up 2.7% from last month. One year ago, this number was at $301,000. The monthly average sales price per square foot, rose 24% from last year and 1.7% from last month.
