After a one month break from reporting, it’s time for our Phoenix market update for December 2019.
Let’s dive in.
The big, but not so shocking news is that the low inventory situation persists. As of December 20, 2019, there are 13,327 properties actively listed across Maricopa County–this is the lowest number since 2005.
Here are some key numbers:
The average days on market (ADOM) for the active listings is 104 while the ADOM for pending sales is 74. There have been 12,274 sales closed since November 1 and for those sales, the ADOM was 58–this number is relatively the same as what we saw in the October report.
Here are market stats for November for all cities and towns in Maricopa County:
For properties priced $300K or less, there is a one month supply of homes–the supply increases as we move up in price. For example, for homes priced from $700K to $1M, there is a 5.93 month supply.
This graph shows the supply versus demand at various price points:
Due to near historic low interest rates, there are buyers in the marketplace. With the holidays almost upon us, activity will slow until mid-January. While there is some uncertainty in the air due to problems with the current White House, we believe that sales will remain strong throughout 2020–perhaps at slightly lower numbers than in 2019. Home loan rates are also expected to remain low in 2020.
Thank you for taking time to read our Phoenix market update for December 2019. If you have real estate questions, please reach out anytime–we are here to help. Happy holidays!