Real Estate Market Report Phoenix Arizona October 2020
In October, the Greater Phoenix Real Estate Market remains frenetic. This is unusual for this time of year, but it is something we have gotten used to in 2020. The area’s median sales price stands at $327,000, up 17% year over year. Perhaps more telling, prices are up 12% from only 4 months ago. Available listings are 8,101, down 41.1% year over year, however, the shortage this time is mostly due to our large volume of sales. Third quarter closings in greater Phoenix were the second highest in history. (Cromford Report, October 2020)
There has been little change in interest rates, which are flat at 2.87% with .8 points (Freddie Mac, October 10, 2020).
This current rate profile is expected to remain the same for the foreseeable future. (Federal Reserve Chairman Powell, October 2020).
Homes are still selling quickly. In the third quarter, over half the homes went from listing to under contract in 9 days or less. This is historically very, very fast.
For buyers, this means you should be prepared to move quickly on a home you like or risk losing it. For sellers, this means you should have a plan for leaving your home before you sell as your buyers will be expecting to move in immediately after closing. And it could be a very fast sale and closing!
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