September was a busy month in terms of real estate activity. Now it’s time to share our October 2019 Phoenix real estate update.
Here we go:
The most important number is always total available housing inventory. As of October 29, 2019, there are 14521 active listed properties for sale. Overall, available housing is up three percent from last month. Distressed inventory continues to make up just one percent of available properties.
There are 8952 pending sales and over the past 30 days there have been 6210 sales. In our September report, we noted that there were over 10,000 pending sales and 8106 closed deals. September is typically a slower month so it’s not surprising to see a 23% decrease in total sales.
The average days on market for active listings is 99–down a few days from September. The average days on market for recent sales is 58–this remains unchanged from last month. The list to sale price ratio is .99.
Inventory has crept up a bit and with the arrival of fall, we expect to see more homes coming on the market. Thirty year fixed rate home loans are very affordable right now. Better.com is offering 3.625% rate–rates will vary by borrower credit, income, etc. The next few months should be strong in terms of total activity and in many price ranges, we believe the current sellers market will prevail. If you have any questions about the market, a community or particular home, reach out any time. Thank you for reviewing our 2019 October Phoenix real estate update.