Let’s get right into our Phoenix real estate report for November 2020.
Once again, we’ve dipped below 8000 active listings and as of 11/25/2020, there are 7722 properties listed across the Phoenix metro area–this is an extremely low number and it is the inventory level, combined with low interest rates, that is driving our hot housing market.
Last month we reported that inventory was floating just under 8600 units–we’ve experienced a significant drop over the past 30 days.
Another leading indicator is the average days on market (ADOM) for recently sold properties. The ADOM ties into supply v demand–generally speaking, the fewer the supply, the greater the demand–especially when combined with low interest rates.
The graphic below shows supply v demand for Maricopa County.
As of last month, there was less than one months’ supply of homes and this month that stat holds true.
The ADOM for recently sold homes dropped to 40 days.
Here are some other key housing stats for this month:
- 12917 pending sales–sales activity is really strong
- 10465 sales over the past 30 days
- Over 500 “coming soon” properties
- $226–average price per square foot obtained at sale
- 1.0–list to sale price ratio–on average, homes are selling at full price
Given the low supply of homes and the favorable interest rate environment, we predict that sales will remain strong right up to the end of the year.
In 2021, it’s anyone’s guess. Thanks for reviewing our Phoenix real estate report for November 2020. If you have questions about Arizona real estate, please reach out any time.