The real estate market in the greater Phoenix metro area is booming. Prices continue to rise and homes continue to sell faster and faster. Here’s your monthly update on what’s happening.
According to data from the ARMLS® from September 1, 2020 to September 30, 2020 the Phoenix metro area saw 9,305 total sales in the month of September. This is a +4.8% from the previous month. Looking at the year-over-year comparison, the jump is even higher. September 2020’s monthly sales are +18.5% higher than monthly sales in September 2019.
September list prices saw a +11.1% year-over-year increase, landing at $458.8K. At 335K, an +11.7% increase from September 2019, median list prices are also high.
At $410.9K, sale prices are rising. This is a +23.1% increase from last September and a +3% increase from August of this year. At $329K, median sale prices also rose with +17.5% increase from September 2019.
Both the average and median sale prices are rising quicker and quicker. September’s +23.1% year-over-year increase in average sale price is a jump up from August’s +17.7% year-over-year comparison. Before that, July’s increase was +14.6%, while June only had a year-over-year increase of +1.4%. The median sale price is following a similar upward trend. If you’re looking to invest in a home in this market, buying sooner may be better than later.
Days on Market (DOM)
The Average Cumulative Days on Market continues to drop. Homes are selling faster and faster every month. The average DOM for September 2020 was 46, which is a 5-day decrease from August 2020 and a 13-day decrease from September 2019.
A Message From Sales and Operations Manager, Wayne Graham
There is no doubt about it, the Phoenix market is not slowing down. After another record-setting month of September and October is already shaping up to do the same. Despite our depressed economy due to Covid-19, the Phoenix real estate market will continue to surpass all expectations for 2020.
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All data retrieved from ARMLS®.