Hi, and welcome to the BUYAZRE at Tru Realty's market snapshot for the Phoenix Metro area. Let's talk numbers and how it relates to you either as a buyer, seller, homeowner, investor or renter in today's market.
You've probably heard by now that there is a very large buyer surge in the marketplace and sometimes there are multiple offers on properties. While we want to make sure you know that when working with us, we do have a great process to ensure a higher probability rate to make sure that you stand out from the rest of the multiple offers that are being presented. If you have any questions on that, please feel free to reach out.
Getting into the numbers right now, we saw just over 9,500 homes sold in June. Which is an increase by 2.1% year over year. And keep in mind our inventory is less than last year. Part of that contribution for that buyer surge is definitely the extremely low interest rates. Just a couple days ago we were announcing that just below 3% is a real interest rate that you can get keeping that monthly payment super low. Another fact or stat that we want to make sure you're aware of is the sales prices. Just because we're seeing a lot of increased sales doesn't necessarily mean that the values are strong. But in this case they are, and they're only getting stronger. The average sales price is up 5.1% year over year and the median sales price year over year is up 9%. That's huge. As long as we continue to see this growth, you have more equity to work with when it's time to sell your home and move up or scale down if that's the case for you. Now, another key important factor here is definitely the average days on market.
We do know that in certain neighborhoods we're seeing that one or two days on the market is all that's needed in order to get those multiple offers. Just recently announced the national association of realtors took a survey. And in general, they wanted to know what the clients as the buyers in the marketplace are thinking or what they've changed in regards to features that are important to them in their new home. And one major factor has been home office. A lot of people have not gone back to work and are working out of their homes now. So the homes that have that extra space or that additional office space are definitely trending in a more desired lens for the buyers. A space to accommodate family in regards to older adult relative or babies or pets, that's definitely been an increase of what buyers are looking for.
They're also looking for a yard to grow fruits and vegetables and an increase of yard size in general. Broadband internet access is a very big feature making sure that when they're working from home, they can stream and also do all those Zoom meetings that they're doing. Bigger kitchens have increased and swimming pool.
Hi, this is Danielle Cohen from the BUYAZRE real estate team at Tru Realty. I think that people want larger homes because they realize that if they're going to have to be working from home, they want to know that they have a designated space for an office or an area for their kids to do schoolwork. And I think that people are putting more value into their backyards and their pools and their outdoor living. They want to make their homes better because they realized that we might not be able to really travel much for the next couple of years.
So they want to enjoy where they live. I think that homes are selling very quickly and that there's a shortage of inventory and that people are having a hard time finding homes right now. Now's a great time to sell your house. I think that there's a lot of demand for homes up North. Flagstaff especially is in very high demand right now because people want to get out of the heat and they don't feel comfortable traveling to Airbnbs or hotels or other places they want to feel like they could get away, but in the comfort of their own home and to a cooler climate.
Hey, Eric Herbert here with BUYAZRE. This year has been an interesting one to say the least, but apparently the real estate market didn't get the memo. We're still going pretty hot right now. We're seeing the same thing we've kind of seen all year with very low inventory. Buyers getting into multiple offer situations, but it's still not scaring people. Interest rates are so low. They've dipped down below 3%. So people are still out there looking. We just need more people to decide to list their home. So if you know anybody that's looking or been thinking about it, let us know over at the BUYAZRE real estate team.
Hi everyone it's Christopher Talley with BUYAZRE. I just wanted to give you a quick thought of what I'm seeing in the marketplace here in Arizona for residential real estate. So what I'm seeing right now is kind of like a perfect storm. And it's a couple of ways of explaining this. So let's look at sellers. So right now there's extremely low inventory, which is very, very beneficial for sellers. So those are able to get top dollar for their home. The properties are going under contract quickly. Most of the time it's multiple offers so they're able to choose the best, the highest best offer there is. So it's a very, very beneficial time to sell the property and to get top dollar. Now, if you look on the buyer side, well yeah it hurts the buyer because there's less inventory there's less to choose from and they have to compete with other people. But then you also have to look at the interest rates. The interest rates are historically low, so they're able to afford properties much higher properties than they would have been previously in previous years. So that's what I mean by a perfect storm. There's pros to both sellers and buyers right now and it's a very, very competitive market.
If you want to get more of an analysis on your current home or a better understanding of a market that you're looking to buy into, please feel free to give us a call. Our primary focus is to provide personalized insight, multifaceted expertise and transparent solutions. BUYAZRE, our experience, your experience.
