What a crazy month and year so far! With everything that has happened it's amazing how well the Phoenix housing market has done. Here's the details and feel free to ask your Desert Premier Home agent for more details and of course the full report.
Monthly Sales- up 38% month over month and 2% over last year. That's important because we usually start to see a decline in sales by July.
Total Inventory - down 14% month over month and down 27% over last year this time. 14,000 homes for sale in the largest county in the country is helping drive home prices up further. The number is actually closer to 8,000 when you take out all the homes under contract with some sort of contingency.
Months of Inventory - Down to 1.5 months. This means if nobody added a home to the market we would have zero homes to sell in Maricopa county in 1 1/2 months. Anything under 3 is a sellers market so now you start to see why we are in so many multiple offers situations!
Sales Prices- Up 5% on average over last year and the median price is up 9%. This is incredible when you consider the Covid scare and everything else that's happen this year. Still waiting to buy? Be ready to pay a lot more for the same home later this year.
Sales Forecast- The experts expect the average sales price to go up from $368,000 to $388,500 next month. We can't even imagine what this will look like towards the 4th quarter as our retirees start coming back into the market in greater numbers than are now.
Distressed Sales - This makes up just .06% of the total market! In June there were 41 homes in the Phoenix area that were bank owned.
Average Days on the Market - Down 9 days over last year this time and 6 days more than last month.
If you would like a copy of the entire report please ask your Desert Home Premier agent! And of course if you'd like us to breakdown a city or community we're happy to do that for you!