What an unbelievable market we are in. 

We are in the midst of a "pricing gap up" . There is a huge imbalance between buyers and sellers adding in once in a lifetime rates = a fire  market! 

My prediction in june we will see a 8-12% increase in home values in Maricopa county.- dont hold me to it no one knows for sure what markets will do but Eric's crystal ball says we will do 8-12% appreciation by summer -

"ARMLS reported the highest sales volume of any January in our history. The 7,076 home sales this January eclipsed the prior January record for ARMLS sales by 6.69%. There were 6,632 sales reported by ARMLS in January 2005. Combine sales volume from last month with the highest average sales price ever ($439,620) and you arrive at an astounding gross dollar volume of $3.11 billion dollars, an annual increase of 35%. We described our market as a full-blown sellers’ market with the added caveat, “Anyone waiting for prices to fall, well, they’ll be waiting.”  January 2021. The current interest rate for a 30-year fixed-rate mortgage is now 2.73% compared to 3.47% one year ago. Year-over-year, active listings are down 58%, sales volume is up 11.8% and the median sales price is up 17.28%. And now we are entering our traditional buying season. We are now facing a “full-blown sellers’ market” on steroids.

Key drivers-  

Months supply of inventory for December was 1.01 with January at 1.34.

Total inventory has a month-over month decrease of -3.3% while year over-year reflects a decrease of -41.0%.  

The average sales price is up +20.6% year-over-year while the year over-year median sales price is also up +17.3%.  

Days on market were down -18.   

Severe shortage of homes listed for sale. Consider, over the past 24 months. In February 2019 ARMLS was reporting only 18,131 total active listings, which was 37% below what we would define as a typical market. At the time of this report, ARMLS is reporting only 4,488 active listings without a contract. To place this number in a historical perspective, current listings are 84% below what would be considered a typical market. 

Detached single-family listings have declined over 78%.