With October in the books, here is our Maricopa County October real estate update. While the market has been flat for over 18 months, we have seen a recent uptick in activity the past 30-45 days. Here are some highlights from the Arizona Regional Multiple Listing Service:
21302 active units–this includes all home types
10495 pending units
7468 sales in past 30 days
$286,440 median home price
75 average days on market for recently sold homes
This graph shows market activity year-to-date for the entire county:
This graph shows the average sold to list price ratio year-to-date:
Despite very low home loan rates, demand has only recently picked up and with the holidays and election approaching, demand may fall off again until 2017. Inventory has remained steady for nearly two years with only small fluctuations month-to-month. Our expectation is that demand will remain steady until mid-December. If you have a question about the market, a community or particular property, please contact one of our outstanding agents.
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