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Real estate sales are still humming across Maricopa County. Let’s review our Phoenix metro real estate update for September 2020.
Inventory has been bouncing around between 7900 units and 8200 units for the past month.
Currently, there are 8108 active properties for sale across the Phoenix metro area. The average days on market for the active listings is 79 days–down from 84. There are 14,227 properties under contract –up 4% since last month–and there are 719 “coming soon” listings.
Over the course of the past month, there have been 8178 sales and those sales were on market an average of 44 days–down a few days from last month.
The graph below shows how the inventory supply based upon demand has changed over the past five months. As one can see, there has been less than two month’s worth of properties for sale since April 2020.
We are still in a low inventory situation
September is usually a fairly slow month, but sales have been good. We are still seeing strong demand across many different price points and product types.
With home loan rates ranging from 2.75% to 3.25% (depending upon loan type, FICO, etc), we should continue to see demand for the next 30 to 60 days. Election years often bring uncertainty–especially if there is a party change; so, we’ll have to wait and see what happens come November.
If you’re a Scottsdale resident, be sure to check out our most recent market update. Thanks for reviewing our Phoenix metro real estate update for September 2020. If you have any questions about Arizona real estate, reach out anytime.
About Luxe Real Estate Group
The Luxe Real Estate Group is a boutique firm offering residential and commercial clients the highest level of service and expertise in the industry. The agents of Luxe form a dynamic, hard-working and dedicated team who continually strive to exceed client expectations.. If you are thinking of buying or selling an Arizona home and would like to discuss your needs, find a Luxe agent now.
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