With nearly one month behind us, it’s time for our January 2020 Phoenix real estate update.
Let’s do this.
As of January 30, 2020, there are 11,848 active listings across the greater metro Phoenix area–this number is approximately 2000 less than in December and it’s by far the lowest number we’ve since 2005. It’s getting scary around here.
The active listings have been on market an average of 106 days–up just two days since December. There are 10,611 properties under contract and since December 30, 2019, there have been 6265 sales.
Here’s a market summary for the county:
One key market indicator is the average days on market (ADOM) for recently sold properties. Since 12/30/2019, the ADOM for sold properties was 63–up five days from the previous month.
This graphic shows the supply index, demand index and months of supply–it’s clear to see that we are experiencing a sellers market (at most price points, but not all).
Home loans rates are below 4% for a 30 year fixed mortgage (FICO score, asset, income will determine rate)–to view other loan programs, check out bankrate.com. If you need a good lender, check out our resources. We expect demand to stay strong for several months though the outcome of the impeachment trials could have an affect on the economy. Our hope is that inventory will not dip too low–a revisit of the 2005 frenzy would not be a good thing.
Thanks for taking the time to read our January 2020 Phoenix real estate update. If you have any real estate questions, reach out any time.