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What do experts predict the Valley will see for next year's housing market?

house for sale AP
Posted at 5:15 AM, Nov 03, 2021

PHOENIX — It’s no secret that it’s been a competitive, red-hot housing market not only in the Valley, but across the country as well.

A 19-year veteran of Valley real estate, realtor Kim Panozzo with HomeSmart predicts next year won’t bring much of a cool down either.

“It’s kind of crazy,” Panozzo said. “We’ve gone to white-hot to just hot.”

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She said last year there was a 33% appreciation average in home prices across the Valley. This year, they're looking at 24% and next year will still be about 10-15% appreciation.

Although building appears to be booming in our area, one major issue is inventory on the market – or, rather, lack thereof.

“We are in a supply and demand issue right now,” Panozzo said. “Until, really, the builders keep building more properties, we’re going to kind of continue to be in that demographic of the market of having a supply issue.”

Now, it’s a game of catch-up for builders, and a game of beating out the big bucks for buyers.

Panozzo did say she’s not really seeing multiple offers well over list price as much anymore, but a lot more contracts coming right in at list price.

More good news: Builders are looking to put more properties on the table in areas expected to see major growth.

“The west Valley now has so much area for growth,” Panozzo said. “I’m really excited to see what comes of that.”