Market Watch While Staying HOME During COVID-19
Staying Home. For many of us, it has a different meaning than it did in the past. Never before have we, as a nation, been asked to stay home in the way that we are staying home right now.
With uncertainty in the local, state, national and world economies, many people are breaking out their crystal balls to tell us exactly where the real estate market is heading. For some, it is total doom and gloom. For others, it is a buying opportunity frenzy. For many of us, it is an opportunity to look at our own personal situation and try to make the best decision we can.
I am under the opinion that real estate is very local. From states to cities to neighborhoods, markets can be vastly different.
In Arizona, our market was very strong prior to the last few weeks when our entire world began to change due to COVID 19. While some people have been forced to the sidelines, there are people who are still very much interested in buying or selling. In fact, our MLS system shows us that we had more than 5200 homes go under contract since the Friday before last. (March 27th, 2020)
This photo below shows the number of homes that have gone under contract in the town of Gilbert in that same time frame. (11 days) 317 homes, an average of just 34 days on the market with an average list price of $414,782.
This past Sunday, Catherine Reagor wrote an interesting article about our current real estate market. <– That’s a link to the article published on April 5th, but you might need to pay to read it.
While I don’t always agree with everything Catherine says, I did find some of the quotes from her article to be very interesting. I’m also a fan of some of the people who produced the data she included in her article.
Quoted in the article were:
Local Arizona economist Elliott Pollack
Arizona Housing expert Tina Tamboer of the Cromford Report
Real Estate consultant Jim Belfiore
While people are still moving to Arizona, the numbers have certainly slowed because of national and world events. In our personal business, we have RECENTLY helped an incoming health care professional, a corporate relocation client, parents of a college student, a relocating military employee and others who have had needs to move during these less than ordinary times.
“People aren’t moving now and that means they aren’t buying homes,” Pollack said. “’Phoenix’s strong population growth was driving the housing market. That’s over until this crisis is over.”
“It will be like a hose with a kink that is suddenly fixed,” Tamboer said. “Home buyers will pour out. Buyers looking for prices to plummet will be disappointed.”
Staying Home – Watching Closely
Currently for sale: Single family homes
As of July 12th, 2022
13,116 single family homes for sale – Up from 9,348 last month.
Tempe 85284 zip code – 28 (from 21!) homes for sale – Average list price of $981,511 from $953,577
Average of 31 days on the market. We have 3 single family homes under $500k as of this morning. ZERO last month.
Mesa 85202 zip code – 24 (from 17) homes for sale – Average list price of $506,281 from $555,929
Average of 20 (from 22) days on the market.
Gilbert 85295 zip code – 112 (from 70) homes for sale – Average list price of $712,836 from $751,628
Average of 26 (from 20) days on the market.
Tempe 85281 zip code – 30 (from 29) homes for sale – Average list price of $623,587 from $$729,652
Average of 218 from 212 days on the market** (A few homes have STILL been on the market more than 1000 days, not a good reflection of DOM)
More normal listings are still selling here in Downtown Tempe. The least expensive single family home is $420,000.
———————————————
As of June 14th, 2022
9,348 single family homes for sale – Up from 5,671 last month.
Tempe 85284 zip code – 21 (from 12!) homes for sale – Average list price of $953,577 from $856,875
Average of 17 days on the market. We have 0 single family homes under $500k as of this morning.
Mesa 85202 zip code – 17 (from 13) homes for sale – Average list price of $555,929 from $599,592
Average of 22 (from 12) days on the market.
Gilbert 85295 zip code – 70 (from 37) homes for sale – Average list price of $751,628 from $763,040
Average of 20 (from 20) days on the market.
Tempe 85281 zip code – 29 (from 26) homes for sale – Average list price of $729,652 from $673,958
Average of 212 from 219 days on the market** (A few homes have STILL been on the market more than 984 days, not a good reflection of DOM)
More normal listings are still selling here in Downtown Tempe. ASU season!
As of May 10th, 2022
5,671 single family homes for sale – Up from 4,053 last month.
Tempe 85284 zip code – 12 (from 3!) homes for sale – Average list price of $856,875
Average of 10 days on the market. We have 2 single family homes under $500k as of this morning.
Mesa 85202 zip code – 13 (from 6) homes for sale – Average list price of $599,592 from $476,167
Average of 12 (from 24) days on the market.
Gilbert 85295 zip code – 37 (from 27) homes for sale – Average list price of $763,040 from $730,043
Average of 25 (from 27) days on the market.
Tempe 85281 zip code – 26 (from 18) homes for sale – Average list price of $673,958 from $696,865
Average of 219 from 308 days on the market** (A few homes have STILL been on the market more than 900 days, not a good reflection of DOM)
More normal listings are still selling very quickly here in Downtown Tempe.
As of April 12th, 2022
4,053 single family homes for sale – Up slightly from last month.
Tempe 85284 zip code – 3 (from 4) homes for sale – Average list price of $1,967,000
Average of 8 days on the market. There is 1 single family home under $500k as of this morning.
Mesa 85202 zip code – 6 (from 8) homes for sale – Average list price of $476,167
Average of 25 (from 34) days on the market.
Gilbert 85295 zip code – 27 (from 26) homes for sale – Average list price of $730,043
Average of 27 (from 28) days on the market.
Tempe 85281 zip code – 18 (from 15) homes for sale – Average list price of $696,865
Average of 308 days on the market** (A few homes have STILL been on the market more than 900 days, not a good reflection of DOM)
More normal listings are still selling quickly. This time of year tends to take a small pause as the ASU crowd has come off of its frenzy from before the school year started.
Average price per square foot is $398.14 for the 9 available homes in 85281. Just 24 days on market as an average.
As of March 8th, 2022
3,646 single family homes for sale – About the same as last month.
Tempe 85284 zip code – 4 (from 6) homes for sale – Average list price of $1,228,725
Average of 59 days on the market. There is not a single family homes under $500k as of this morning.
Mesa 85202 zip code – 8 (from 6) homes for sale – Average list price of $499,938
Average of 34 (from 29) days on the market.
Gilbert 85295 zip code – 26 (from 30) homes for sale – Average list price of $705,140
Average of 28 (from 26) days on the market.
Tempe 85281 zip code – 15 (from 16) homes for sale – Average list price of $562,527
Average of 329 days on the market** (5 homes have STILL been on the market more than 820 days, not a good reflection of DOM)
More normal listings are still selling quickly. This time of year tends to take a small pause as the ASU crowd has come off of its frenzy from before the school year started.
Average price per square foot is $398.14 for the 9 available homes in 85281. Just 24 days on market as an average.
As of February 15th, 2022
3,683 single family homes for sale – Down 771 from last month.
Tempe 85284 zip code – 6 (from 2) homes for sale – Average list price of $1,069,133
Average of 48 days on the market. Still only ONE single family home under $500k as of this morning.
Mesa 85202 zip code – 6 (from 9) homes for sale – Average list price of $507,483
Average of 29 (from 31) days on the market.
Gilbert 85295 zip code – 30 (from 34) homes for sale – Average list price of $746,101
Average of 26 (from 28) days on the market.
Tempe 85281 zip code – 16 (from 20) homes for sale – Average list price of $564,769
Average of 307 days on the market** (5 homes have STILL been on the market more than 820 days, not a good reflection of DOM)
More normal listings are still selling quickly. This time of year tends to take a small pause as the ASU crowd has come off of its frenzy from before the school year started.
Average price per square foot is $389.38 for the 8 available homes in 85281
As of January 18th, 2022
4,454 single family homes for sale – Down 792 from last month.
Tempe 85284 zip code – 8 (from 9) homes for sale – Average list price of $1,252,975 from $1,344,064
Average of 35 days on the market. Still only ONE single family home under $500k as of this morning.
Mesa 85202 zip code – 9 (from 16) homes for sale – Average list price of $505,300 from $508,956
Average of 31 (from 26) days on the market.
Gilbert 85295 zip code – 34 (from 38) homes for sale – Average list price of $691,686 from $598,996
Average of 28 (from 31) days on the market.
Tempe 85281 zip code – 20 (from 24) homes for sale – Average list price of $500,328 from $478,869
Average of 252 days on the market** (5 homes have STILL been on the market more than 750 days, not a good reflection of DOM)
More normal listings are still selling quickly. This time of year tends to take a small pause as the ASU crowd has come off of its frenzy from before the school year started.
Average price per square foot is $325.50
As of December 21st, 2021
5,246 single family homes for sale – Down 854 from last month.
Tempe 85284 zip code – 9 (from 14) homes for sale – Average list price of $1,344,064 from $943,843
Average of 65 days on the market. Still only ONE single family home under $500k as of this morning.
Mesa 85202 zip code – 16 (from 8) homes for sale – Average list price of $508,956 from $528,499
Average of 26 (from 31) days on the market.
Gilbert 85295 zip code – 38 (from 45) homes for sale – Average list price of $598,996 from $584,064
Average of 31 days on the market.
Tempe 85281 zip code – 24 (from 46) homes for sale – Average list price of $478,869 from $504,476
Average of 249 days on the market** (5 homes have STILL been on the market more than 750 days, not a good reflection of DOM)
More normal listings are still selling quickly. This time of year tends to take a small pause as the ASU crowd has come off of its frenzy from before the school year started.
Average price per square foot is $328.10
As of November 16th, 2021
6,100 single family homes for sale – Down 122 from last month.
Tempe 85284 zip code – 14 homes for sale – Average list price of $943,843
Average of 46 days on the market. Still only ONE single family home under $500k as of this morning.
Mesa 85202 zip code – 8 homes for sale – Average list price of $528,499
Average of 31 days on the market. Last month had 14 homes.
Gilbert 85295 zip code – 45 homes, up from 33 homes for sale last month- Average list price of $584,064
Average of 21 days on the market.
Tempe 85281 zip code – 46 homes for sale – Average list price of $504,476
Average of 157 days on the market** (6 homes have STILL been on the market more than 774 days, not a good reflection of DOM)
More normal listings are still selling quickly. This time of year tends to take a small pause as the ASU crowd has come off of its frenzy from before the school year started.
As of October 19th, 2021
6,222 single family homes for sale – Up 280 from last month. Still very low.
Tempe 85284 zip code – 12 homes for sale – Average list price of $1,054,440
Average of 48 days on the market. Only ONE single family home under $500k as of this morning.
In the last 45 days there were 26 sales and 14 of them sold for more than their list price. The average selling price was $680,302 with an average of 29 days on the market.
3 closings at $1million and above.
Mesa 85202 zip code – 14 homes for sale – Average list price of $486,914
Average of 24 days on the market. Average days down, average price stays almost the same from last month.
Gilbert 85295 zip code – 33 homes for sale – Average list price of $611,330
Average of 26 days on the market
Tempe 85281 zip code – 43 homes for sale – Average list price of $484,572
Average of 157 days on the market** (6 homes have STILL been on the market more than 745 days, not a good reflection of DOM)
More normal listings are still selling quickly. This time of year tends to take a small pause as the ASU crowd has come off of its frenzy from before the school year started.
As of September 17th, 2021
5,942 single family homes for sale – Up several hundred again from last month. Still very low.
Tempe 85284 zip code – 14 homes for sale – Average list price of $875,541
Average of 54 days on the market.
Mesa 85202 zip code – 19 homes for sale – Average list price of $481,431
Average of 32 days on the market
Gilbert 85295 zip code – 25 homes for sale – Average list price of $647,191
Average of 19 days on the market
Tempe 85281 zip code – 38 homes for sale – Average list price of $583,063
Average of 120 days on the market** (6 homes have STILL been on the market more than 645 days, not a good reflection of DOM)
Normal listings are selling VERY quickly. In fact, the average time on market when those 6 homes are removed is just 20 days. This time of year tends to be VERY busy in this area as people look for homes close to ASU right before school starts.
Currently for sale: Single family homes
As of August 17th, 2021
5,522 single family homes for sale – Up several hundred again from last month. Still very low.
Tempe 85284 zip code – 16 homes for sale – Average list price of $1,074,356
Average of 55 days on the market.
Mesa 85202 zip code – 18 homes for sale – Average list price of $507,822
Average of 36 days on the market
Gilbert 85295 zip code – 46 homes for sale – Average list price of $583,063
Average of 19 days on the market
Tempe 85281 zip code – * 41 homes for sale – Average list price of $583,063
Average of 120 days on the market** (6 homes have STILL been on the market more than 645 days, not a good reflection of DOM)
Normal listings are selling VERY quickly. In fact, the average time on market when those 6 homes are removed is just 20 days. This time of year tends to be VERY busy in this area as people look for homes close to ASU right before school starts.
As of July 13th, 2021
4,928 single family homes for sale – Up several hundred from last month. Still very low.
Tempe 85284 zip code – 18 homes for sale – Average list price of $1,057,827
Average of 48 days on the market.
Mesa 85202 zip code – 15 homes for sale – Average list price of $485,473
Average of 19 days on the market
Gilbert 85295 zip code – 32 homes for sale – Average list price of $627,640
Average of 19 days on the market
Tempe 85281 zip code – * 38 homes for sale – Average list price of $495,496
Average of 120 days on the market** (6 homes have STILL been on the market more than 645 days, not a good reflection of DOM)
Normal listings are selling VERY quickly. In fact, the average time on market when those 6 homes are removed is just 20 days. This time of year tends to be VERY busy in this area as people look for homes close to ASU right before school starts.
As of June 15th, 2021
4,110 single family homes for sale – Up several hundred from last month. Still very low.
Tempe 85284 zip code – 16 homes for sale – Average list price of $1,036,478
Average of 39 days on the market.
Mesa 85202 zip code – 7 homes for sale – Average list price of $504,571
Average of 17 days on the market
Gilbert 85295 zip code – 28 homes for sale – Average list price of $569,607
Average of 13 days on the market
Tempe 85281 zip code – * 28 homes for sale – Average list price of $455,659
Average of 209 days on the market** (6 homes have been on the market more than 600 days, not a good reflection of DOM)
(normal listings selling VERY quickly) In fact, there’s just 13 “normal” listings on the market. The average list price is $448,727
As of May 4th, 2021
3,401 single family homes for sale – Up a few hundred from last month.
Tempe 85284 zip code – 15 homes for sale – Average list price of $1,013,320
Average of 28 days on the market.
Mesa 85202 zip code – 8 homes for sale – Average list price of $429,725
Average of 12 days on the market
Gilbert 85295 zip code – 18 homes for sale – Average list price of $567,756
Average of 11 days on the market
Tempe 85281 zip code – * 20 homes for sale – Average list price of $349,490
Average of 312 days on the market** (6 homes have been on the market roughly 578 days, not a good reflection of DOM)
(normal listings selling VERY quickly) In fact, there’s just 4 “normal” listings on the market. The average list price is $501,250
As of April 6th, 2021
3,141 single family homes for sale
Tempe 85284 zip code – 9 homes for sale – Average list price of $1,238,317
Average of 44 days on the market
Mesa 85202 zip code – 4 homes for sale – Average list price of $367,225
Average of 14 days on the market
Gilbert 85295 zip code – 20 homes for sale – Average list price of $579,880
Average of 8 days on the market
Tempe 85281 zip code – *15 homes for sale – Average list price of $522,247
Average of 260 days on the market** (4 homes have been on the market roughly 550 days, not a good reflection of DOM)
(normal listings selling VERY quickly)
As of March 2nd, 2021
2,964 single family homes for sale
Tempe 85284 zip code – 8 homes for sale – Average list price of $1.319,350
Average of 32 days on the market
Mesa 85202 zip code – 7 homes for sale – Average list price of $391,100
Average of 6 days on the market
Gilbert 85295 zip code – 11 homes for sale – Average list price of $469,655
Average of 6 days on the market
Tempe 85281 zip code – *12 homes for sale – Average list price of $573,608
Average of 260 days on the market** (4 homes have been on the market roughly 500 days, not a good reflection of DOM)
(normal listings at less than 2 weeks for days on market)
As of February 2nd, 2021
3,385 single family homes for sale
Tempe 85284 zip code – 11 homes for sale – Average list price of $1,586,213
Average of 47 days on the market
Mesa 85202 zip code – 6 homes for sale – Average list price of $396,150
Average of 19 days on the market
Gilbert 85295 zip code – 6 homes for sale – Average list price of $553,550
Average of 9 days on the market
Tempe 85281 zip code – 21 homes for sale – Average list price of $369,014
Average of 236 days on the market**
Several “non-traditional” listings are making the numbers look very different than what most buyers are facing.
As of January 5th, 2021
4,150 single family homes for sale
Tempe 85284 zip code – 14 homes for sale – Average list price of $1,222,810
Average of 48 days on the market
Mesa 85202 zip code – 5 homes for sale – Average list price of $488,760
Average of 17 days on the market
Gilbert 85295 zip code – 5 homes for sale – Average list price of $486,960
Average of 20 days on the market
Tempe 85281 zip code – 30 homes for sale – Average list price of $341,007
Average of 160 days on the market
As of December 1, 2020
5,326 single family homes for sale.
Tempe 85284 zip code – 14 homes for sale – Average list price of $1,229,521
Average of 58 days on the market
Mesa 85202 zip code – 17 homes for sale – Average list price of $374,924
Average of 29 days on the market
Gilbert 85295 zip code – 16 homes for sale – Average list price of $657,759
Average of 114 days on the market (a few “new builds” contributing to higher DOM)
Tempe 85281 zip code – 34 homes for sale – Average list price of $369,991
Average of 132 days on the market
For 85281, if you remove one subdivision of homes that are not really available to much of the market.
Homes for sale, average price of $433,988.
As of November 3, 2020
6,014 single family homes for sale.
Tempe 85284 zip code – 18 homes for sale – Average list price of $819,828
Average of 43 days on the market
Mesa 85202 zip code – 18 homes for sale – Average list price of $363,783
Average of 16 days on the market
Gilbert 85295 zip code – 21 homes for sale – Average list price of $708,029
Average of 85 days on the market (a few “new builds” contributing to higher DOM)
Tempe 85281 zip code – 33 homes for sale – Average list price of $380,351
Average of 122 days on the market
For 85281, if you remove one subdivision of homes that are not really available to much of the market.
24 Homes for sale, average price of $450,900.
As of October 6th, 2020
6,141 Single family homes for sale.
Tempe 85284 zip code – 22 homes for sale – Average list price of $733,668
Average of 35 days on the market
Mesa 85202 zip code – 13 homes for sale – Average list price of $322,942
Average of 12 days on the market
Gilbert 85295 zip code – 26 homes for sale – Average list price of $703,896
Average of 72 days on the market
Tempe 85281 zip code – 36 homes for sale – Average list price of $344,383
Average of 115 days on the market
As of September 1st, 2020
6,059 Single family homes for sale
Tempe 85284 zip code – 20 homes for sale – Average list price of $784,755
Average of 43 days on the market
Mesa 85202 Zip code – 13 homes for sale – Average list price of $366,577
Average of 28 days on the market
Gilbert 85295 zip code – 32 homes for sale – Average list price of $624,462
Average of 73 days on the market. (A few properties over $1million certainly have made a difference.)
Tempe 85281 zip code – 43 homes for sale – Average list price of $335,430
Average of 117 days on the market.
As of August 4th, 2020
6,039 Single family homes for sale
Tempe 85284 zip code – 24 homes for sale – Average list price of $813,012
Average of 48 days on the market
Mesa 85202 Zip code – 15 homes for sale – Average list price of $370,547
Average of 30 days on the market
Gilbert 85295 zip code – 39 homes for sale – Average list price of $555,680
Average of 58 days on the market
Tempe 85281 zip code – 41 homes for sale – Average list price of $342,533
Average of 104 days on the market. (same as last month)
As of July 7th, 2020
6,671 Single family homes for sale
Tempe 85284 zip code – 25 homes for sale – Average list price of $791,688
Average of 47 days on the market
Mesa 85202 Zip code – 7 homes for sale – Average list price of $380,971
Average of 34 days on the market
Gilbert 85295 zip code – 29 homes for sale – Average list price of $568,367
Average of 71 days on the market
Tempe 85281 zip code – 44 homes for sale – Average list price of $327,338
Average of 104 days on the market
As of June 30th, 2020
6784 Single family homes for sale
Tempe 85284 Zip code – 24 homes for sale – Average list price of $826,696 (only 7 homes under $500k)
Average of 65 days on the market
Mesa 85202 Zip code – 10 homes for sale – Average list price of $369,230
Average of 44 days on the market
Gilbert 85295 zip code – 44 homes for sale – Average list price of $528,103
Average of 65 days on the market
Tempe 85281 zip code – 46 homes for sale – Average list price of $345,911
Average of 98 days on the market
These numbers changed a lot from last month as 11 new “affordable” homes were put on the market this week. They have income requirements and are priced at $210,000.
As of June 16th, 2020
7,691 Single family homes for sale
Tempe 85284 zip code – 30 homes for sale – Average list price of $689,110
Average of 54 days on the market
Mesa 85202 zip code – 8 homes for sale – Average list price $358,050
Average of 69 days on the market
Gilbert 85295 zip code – 44 homes for sale – Average list price $533,017
Average of 77 days on the market
Tempe 85281 zip code – 37 homes for sale – Average list price $393,335
Average of days on the market 132
As of June 2nd, 2020
8,988 Single family homes for sale
Tempe 85284 zip code – 29 homes for sale – Average list price of $669,603
Average of 69 days on the market
Mesa 85202 zip code – 13 homes for sale – Average list price $348,900
Average of 45 days on the market
Gilbert 85295 zip code – 62 homes for sale – Average list price $505,892
Average of 61 days on the market
Tempe 85281 zip code – 39 homes for sale – Average list price $411,215
Average of days on the market 123
As of May 19th, 2020
10,325 Single family homes for sale
Tempe 85284 zip code – 33 homes for sale – Average list price $687,676
Average of 64 days on the market
Mesa 85202 zip code – 11 homes for sale – Average list price $363,336
Average of 47 days on the market
Gilbert 85295 zip code – 78 homes for sale – Average list price $480,022
Average of 49 days on the market
Tempe 85281 zip code – 40 homes for sale – Average list price $412,092
Average of 111 days on market
As of May 5th, 2020
11,026 Single family homes for sale
Tempe 85284 zip code – 39 homes for sale – Average list price $703,157
Average of 67 days on the market
Mesa 85202 zip code – 15 homes for sale – Average list price $377,433
Average of 31 days on the market
Gilbert 85295 zip code – 78 homes for sale – Average list price $478,854
Average of 49 days on the market
Tempe 85281 zip code – 45 homes for sale – Average list price $400,300
Average of 97 days on market
As of April 21st, 2020
11,360 Single family homes for sale
Tempe 85284 zip code – 37 homes for sale – Average list price $730,605
Average of 70 days on the market
Mesa 85202 zip code – 21 homes for sale – Average list price $387,005
Average of 29 days on the market
Gilbert 85295 zip code – 87 homes for sale – Average list price $456,738
Average of 44 days on the market
Tempe 85281 zip code – 48 homes for sale – Average list price $408,121
Average of 101 days on market
As of April 7th, 2020.
11,153 Single family homes for sale
Tempe 85284 zip code – 30 homes for sale – Average list price $722,147
Average of 71 days on the market
Mesa 85202 zip code – 19 homes for sale – Average list price $402,726
Average of 23 days on the market
Gilbert 85295 zip code – 72 homes for sale – Average list price $445,458
Average of 43 days on the market
Tempe 85281 zip code – 39 homes for sale – Average list price of $404,179
Average of 109 days on the market
As of March 27th:
10,324 Single family homes for sale
85284 zip code – 29 homes for sale – Average list price $738,000
Average of 60 days on the market
85202 zip code – 13 homes for sale – Average list price $407,962
Average of 25 days on the market
85295 zip code – 73 homes for sale – Average list price $445,849
Average of 36 days on market
85281 zip code – 39 homes for sale – Average list price $402,248
Average of 99 days on the market
8,569 single family homes for sale in our MLS as of 3/12/20
9,332 single family homes for sale in our MLS as of 2/13/20
Since I live in the 85284 zip code, I thought I’d add this chart showing average list price in the area. To me, it’s just interesting to watch. Please feel free to reach out to us if you have any questions about market conditions in your neighborhood.
Average List Price - 85284
- 768539.60,763781.36,981972.03,1184620.38,1038631.52,979046.23,950541.23,943971.71,958227.93,1048433.47,949060.21,1128183.68
Information is deemed to be reliable, but is not guaranteed. © 2024
