We’re still riding low in terms of housing inventory.
Let’s jump into our Phoenix metro real estate update for October 2020. For the past 30 days, inventory has fluctuated between 7600 and 8500 available units–this includes condo’s, single family homes, patio homes and town homes. As of 10/30/2020, we are sitting at 8595 available properties for sale–up from 8100 properties in September.
The average days on market for active listings is 71. There are 13805 pending sales and over the past 30 days there have been 9928 sales across the county.
The average days on market for recently sold homes is just 41 days–this number is down from 44 days in September. For those who might not be tracking inventory, we are still experiencing a housing shortage–both in available new builds and resale properties. According to the National Association of Home Builders, builder confidence is at an all-time high.
Here are some keys stats for recently sold properties:
- The sale to list price ratio for the past 30 days is 1.0–by in large, homes are selling at or above full-price–this varies by price range–see our Scottsdale report for example
- The average dollars per sq ft obtained at sale is $200
It’s a tough market for buyers depending upon the price range and product. The chart below shows the number of available properties by product type:
Mortgage rates remain at historic low levels. According to Bankrate.com, the 30-year fixed rate is right around 3%. COVID news continue to sound bleak and if our governor decides to lock down the county again, we could see home sales fall. The election, depending upon who wins, could derail our strong housing market. For now, we expect sales activity to remain brisk for the next 30-60 days.
If you have a question about real estate, please reach out any time–we’d be honored to help.