Let’s jump right in to our September 2019 Phoenix real estate update.
First we’ll look at inventory numbers. Last months’ report showed active listings at around 13, 250. As of September 30, we have 14,059 actively listed properties across Maricopa County. In terms of distressed properties, there are 141–this is just 1% of total available inventory. The average days on market for all active listings is 101. While inventory is up 800 units from 30 days ago, we are still experiencing a shortage at some price points.
There are just over 10,000 pending units (under contract)–this indicates that there is a fair amount of transactions in progress. The average days on market for the pending sales is just 57. Over the past 30 days there have been 8106 sales. The average days on market for recent sales is 58–this is the lowest we’ve seen all of 2019 and indicates a spike in overall demand. Keep in mind that not all price points are moving quickly–as noted in the graph below which shows supply versus demand across the county and it covers all price points and product types.
We expect current market trends to continue for the next few months. Though inventory is low, there is strong housing demand at several price points. Home loan rates are still quite low–per Bankrate.com, a person with good credit and 20% can obtain a loan from 3.75% to 4.125%. If you have a question about the market, a community or particular property, please contact us any time. Thanks for checking out our September 2019 Phoenix real estate update.