Summer real estate is seeing shorter days on the market.
The average number of days a listing is on the market in Maricopa County has dipped again, to 26.6 days from 28.7 days last month, even as prices continue to increase. The median sales price increased 2.9% from April to May in Glendale, 4.4% in Peoria, and 4.1% across Maricopa County. According to The Cromford Report, 59% of sales closed in Maricopa County during April sold for an amount over the listing price, up from 56% of April sales.
May 2021 saw 371 MLS listing sales closed in Glendale and 359 in Peoria. Today there are 160 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 170 active listings in Peoria. That's 43% of one month's inventory in Glendale, the same as this time in April, and 47% of one month's inventory in Peoria, up from 34%. Today's Maricopa County inventory is 51% of May's closed sales, up from 47% in April.
According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, showings of Peoria listings in the $200,000-$299,999 range averaged 20.84 showings per listing and Peoria traffic in the $300,000-399,999 range averaged 18.02, showing decreases in both segments from last month. In Glendale, for homes in the $200,000-$299,999 range, the average decreased to 22.43 showings per listing, but showings in the $300,000-$399,999 range averaged 20.33 showings per listings, an increase from last month. And not all showings are scheduled through ShowingTime, so actual numbers are typically higher.
According to Freddie Mac, mortgage rates are holding steady. As of June 10, 2021, National Mortgage Rates reported U.S. weekly averages of 2.96% for a 30-year fixed, 2.23% for a 15-year Fixed-Rate, and 2.55% for a 5-Year ARM.
FHA Buyers in Maricopa County paid a minimum of $172,490 for a detached home with three bedrooms and two baths in May. Peoria FHA Buyers paid a minimum of $290,000, and Glendale FHA Buyers paid $265,000. Conventional Financing Buyers saw minimums of $154,990 in Maricopa County, $281,000 in Peoria, and $263,700 in Glendale. Maricopa County, VA Buyers paid a minimum of $228,000, Peoria VA Buyers paid $330,000, and Glendale VA Buyers paid a minimum of $295,000. In Maricopa County, the highest-priced detached home sale in May was $14,250,000. The highest price detached home sale in Peoria closed at $2,250,000, and the highest price detached home sold in Glendale closed at $1,872,000.
According to MLS statistics, 75% of Maricopa County Buyers financed their purchases for the second month in a row. Conventional financing again made up 75% of those sales, while FHA and VA both dipped slightly to 8.4% and 5.7%, respectively. The remaining sales used other financing methods. For the week ending May 30, 2021, once again, only 3% of Maricopa County Sellers contributed to their Buyer's closing costs.
As published in the July 1, 2021 issue of the Glendale Star on page 16 and July 1, 2021 issue of the Peoria Times on page 13.