Real Estate Market Update Phoenix Arizona July 2020
Inventory, inventory, inventory! Where is our inventory?! Active listings in July’s Greater Phoenix real estate market stand at 8,788, down 43.2% year over year, and the median sales price is now $305,000, up 9.3% year over year. Historically low inventory has been the story for 2020.
While prices are up, interest rates hit another, all-time record low. Thirty-year money stands at just 3.03% with .8 points. (Freddie Mac, July 9, 2020)
Many new buyers have entered the market, however, there has not been a corresponding increase in inventory. Homes under $300,000 are particularly hard to find, and this has produced a plethora of multiple offers in that price range. In speaking to one of our agents recently, she said that she has advised her buyers that if they see a home at 8:00 a.m., be prepared to offer immediately. Sometimes even that is not good enough. She said they have been outbid, or beaten to offer acceptance, over a dozen times in the past month.
On the other hand, new listings over $500,000 spiked in July, up 20% year over year, so there is available inventory in that range. (Cromford Report, July 2020)
Half of current contracts under $400,000 were on the market for less than 8 days prior to contract acceptance, and 28% of all sales in July so far have closed over asking price. These numbers suggest that successful buyers need to come prepared to immediately do business, as this is definitely a seller’s 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