Happy Thanksgiving! 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
Phoenix Metro Real Estate Update | October 2020
We're still riding low in terms of housing inventory. Let's jump into our Phoenix metro real estate update for October 2020. For the past 30 days, inventory has fluctuated between 7600 and 8500 available units--this includes condo's, single family homes, patio homes and town homes. As of 10/30/2020, we are sitting at 8595 available properties for sale--up from 8100 properties in September. The average days on market for active listings is 71. There are 13805 pending sales and over the past 30 days there have been 9928 sales across the county. The average days on market for recently
Phoenix Metro Real Estate Update | Sept 2020
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
Phoenix Real Estate 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,
Phoenix Real Estate Update | July 2020
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
Phoenix Market Real Estate Update | June 2020
Last month was really hectic and we missed our May update. Let's jump in to our Phoenix market real estate update for June 2020. There are a few factors driving the real estate frenzy across the valley. We don't like to use the word frenzy, but below $600K, homes are flying off the shelves. So, what's going on? During the first 30 days of the stay-at-home order, real estate activity definitely slowed down--we were in our busiest time of year when covid hit and due to the "lock-down", activity waned somewhat and there was pent-up demand building. Second, home loan rates hit an historic
Phoenix Market Update February 2020
With February drawing to a close, our inventory continues to drop. Don't miss our Phoenix Market Update for February 2020. We are seeing shades of the 2005 market frenzy--when buyers, desperate for a home, were lining up to make offers well over the asking price. In my humble opinion, this is not a great place to be. Inventory across the county is dangerously close to 10,000 units. As of February 29, 2020, there are 11,078 active listings in Maricopa County. Think about our population for a minute--there are over 4.7 million people in the Phoenix metro area and there are just 11,000
January 2020 Phoenix Real Estate Update
With nearly one month behind us, it's time for our January 2020 Phoenix real estate update. Let's do this. As of January 30, 2020, there are 11,848 active listings across the greater metro Phoenix area--this number is approximately 2000 less than in December and it's by far the lowest number we've since 2005. It's getting scary around here. The active listings have been on market an average of 106 days--up just two days since December. There are 10,611 properties under contract and since December 30, 2019, there have been 6265 sales. Here's a market summary for the
Phoenix Market Update December 2019
After a one month break from reporting, it's time for our Phoenix market update for December 2019. Let's dive in. The big, but not so shocking news is that the low inventory situation persists. As of December 20, 2019, there are 13,327 properties actively listed across Maricopa County--this is the lowest number since 2005. Here are some key numbers: The average days on market (ADOM) for the active listings is 104 while the ADOM for pending sales is 74. There have been 12,274 sales closed since November 1 and for those sales, the ADOM was 58--this number is relatively the same as
October 2019 Phoenix Real Estate Update
September was a busy month in terms of real estate activity. Now it's time to share our October 2019 Phoenix real estate update. Here we go: The most important number is always total available housing inventory. As of October 29, 2019, there are 14521 active listed properties for sale. Overall, available housing is up three percent from last month. Distressed inventory continues to make up just one percent of available properties. There are 8952 pending sales and over the past 30 days there have been 6210 sales. In our September report, we noted that there were over 10,000 pending
