July is almost in the books so let’s dive into our Phoenix real estate update for July 2020.
As always, the most important number for us is the active inventory. As of July 31, 2020, there are 8375 active listings across the Phoenix metro area–this includes all cities and towns in Maricopa County. The total active inventory is down approximately 7% since last month.
Here are some other numbers to consider.
There are 13,067 properties under contract–this number is down 10% from last month. The active listings have been on market an average of 94 days and the pending sales for 59 days.
Over the last 30 days there have been 10,739 closings and the average days on market for those sales was 54–this is unchanged from last month.
June was at 1.51 months’ supply of housing inventory and now we are probably around 1.25 months’ supply. We nearly dipped below 8000 units a week ago, but inventory rose slightly over the past 5 days.
With the continuation of some business closures, high unemployment, market volatility, negative covid news daily, and shadow foreclosure inventory looming, it’s hard to say what the market will do over the next few months.
Our expectation is that sales activity will remain strong in the short-term–this is based upon historic low interest rates, the buyer demand we’re still seeing and the likelihood that the Arizona economy will fully open up again soon.
Thank you for taking time to read our Phoenix real estate update for July 2020. You can check out past reports here. If you have a question about Scottsdale real estate or a general real estate question, reach out anytime.