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Phoenix Real Estate Update | August 2020

September 1st, 2020

Home > Phoenix Real Estate Market > Phoenix Real Estate Update | August 2020
Phoenix Market Update August 2020

Where are all the Phoenix metro home sellers?

Check out our Phoenix real estate update for August 2020. Inventory continues to fall! We actually dropped below 8000 active units which is crazy for a metro area of our size. After a few days below 8000, we jumped back up a few hundred units.

Currently, there are 8129 active properties for sale across Maricopa County. The average days on market for the active listings is 84 days. There are 13714 properties under contract which is a tremendous number for August–and there are 737 “coming soon” listings.

Over the course of the past month, there have been 8433 sales and those sales were on market an average of just 49 days! This number is down from last month.

The graph below shows Supply v Demand last month versus 12 months ago.

The average dollars per square foot obtained at sale over the last 30 days was $190 and the good news for sellers in the lower price points is that the average sale to list price ratio is 1.00–meaning buyers are paying full price. Keep in mind that the market actually changes by city/town and community and at some price points, there is excess inventory. Also, the condition and location of the property have a big impact on how quickly the home will sell and the price that can be commanded.

Home loan rates are hovering between 2.875 and 3.125% for “A paper” borrowers and we expect rates to remain low for the better part of the year and perhaps into 2021.

For now, we think demand and sales activity will remain strong–though at some price points we’re seeing a slight slow-down. If you have any questions about our Phoenix market update for August 2020, reach out anytime.

Filed Under: Arizona Real Estate News, Phoenix Real Estate Market Tagged With: Phoenix homes for sale, Phoenix metro market stats, Phoenix Real Estate, Phoenix real estate market, Phoenix real estate market stats, Phoenix real estate news

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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