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 April 2020
Well, we're one month in to our Arizona shelter-in-place order. Let's dive in to our Phoenix market update for April 2020 and see what's happening in the real estate world. First, the good news. The real estate market has not collapsed. What we're seeing is sellers who are pricing their homes at market, but being a bit more willing to lower the price during negotiations (not at all price points). Sellers also seem more willing to either complete repairs or provide healthy credits for repairs. As of April 28, 2020, there are 14,029 active listings across the Phoenix metro area--this
Phoenix Metro Market Update March 2020
Governor Ducey just announced a state-wide shelter-in-place order. Let's take a look at our Phoenix metro market update for March 2020 and see what's in store for Arizona. Real estate sales and the services that facilitate sales, such as title companies, inspectors and lenders, are considered "essential services"; however, this does not mean real estate sales will continue as before. Getting buyers to homes means ignoring, for the most part, rules of social distancing, and the stay-at-home order is going to ring a more serious tone for many. Let's see what's happened over the past
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
September 2019 Phoenix Real Estate Update
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
August 2019 Phoenix Real Estate Market Report
To learn more about Maricopa County housing trends, read our August 2019 Phoenix real estate market report. Just when we thought inventory couldn't fall anymore, it dropped again and we now face a real housing shortage (at some price points). As of August 28, there are just 13,249 actively listed properties on the market--this includes all housing types. The average days on market (ADOM) for active listings in 105, but if we look at properties priced under $300K, this number drops significantly--see the graph below for more detail. As you can see, for homes priced under $300K, there is less
July 2019 Phoenix Real Estate Market Report
The big news in our market is greatly reduced housing inventory--do not miss our July 2019 Phoenix real estate market report. Let's do this. Back in May we had approximately 16,785 active listings and as of July 27, we have 14,400--this represents a 14% reduction in available homes. Not all price ranges have been affected--for example, there is still excess housing in the $1M plus range. The days on market for active listings across Maricopa County is 105 and the average days on market for sold properties in the past month is 63--very similar to numbers we saw in May. At all price
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