Real Estate Market Report Phoenix Arizona August 2020
August’s Greater Phoenix Real Estate Market active listings stand at 8,477, down 38.3% year over year, and the median sales price is now $315,000, up 12.5% year over year. This means sellers are in the driver’s seat, and buyers are chasing historically low inventory.
While prices are up, 30-year interest rates have stayed almost flat at 2.96% with .8 points. (Freddie Mac, August 13, 2020)
Even with the significant rise in prices, homes are still affordable for the majority of buyers. This is almost completely due to our rock bottom interest rates, not seen for over 50 years. (ABCNews.go.com)
As a measure of how hot our market is, July had a record number of closings, surpassing every July as far back as 2001. July also broke records in dollar volume, exceeding $4 Billion sold. The best July ever recorded was in 2005 at $2.9 Billion. (Cromford Report, August 2020)
Just like last month, our very hot market is driving very fast sales. For those sellers who accepted contracts during the first week of August, half were on the market 7 days or less. Lastly, if you are one of those homeowners with a home valued over $1 million, signed contracts are up an incredible 93% over this time last year. If you have been waiting for the right time to sell, it might be time for you and your agent to discuss taking advantage of this market.
If you are thinking about making a move this year, then please don’t hesitate to reach out. I am an experienced, local real estate specialist serving the entire East Valley of Phoenix, Arizona. It would be my honor to assist you on your real estate journey and help you to navigate the process of buying and selling Arizona Real Estate. Working with an experienced team of real estate professionals matters even more now than it ever did. From start to finish, I will be there to guide you and answer your questions with no pressure, only the highest level of care and support! Please don’t hesitate to contact me via email or call/text 480.220.1321 to schedule a no obligation consultation today.
Keely Semon, Realtor®
East Valley Real Estate Specialist
United Brokers Group