The real estate market fluctuates often. The local Phoenix market isn’t an exception! Many people are wondering how the market performed this summer. Spoiler alert–the summer might be over but the market is staying hot! We’ve got your monthly update!
According to data from the ARMLS® from August 1, 2020 to August 31, 2020 the Phoenix metro area saw a 13.8% decrease from the previous month. At 8,878 total sales, the number is still quite high. That month-over-month drop is largely driven by July’s 20-year record-breakingly high sales numbers. Comparing monthly sales to August 2019, the market has seen a 1.7% increase.
August list prices saw a +19.4% year-over-year increase, landing at $445.4K. At $335K, a +13.6% increase from August 2019, median list prices are also high.
Throughout the summer months, sale prices have been rising, but August saw the largest jump. At $398.8K, sale prices are up +17.7%, compared to August 2019. That’s a significant increase considering July saw only a 14.6% year-over-year increase in average sale prices, while June’s increase was just 1.4%.
At $325K, median sale prices are also rapidly jumping up with a +16.1% year-over-year increase. If you’re wondering if this will continue, forecasts predict the sale prices to rise again in September.
Days on Market (DOM)
We have good news if you’re looking to sell quickly. The Average Cumulative Days on Market is dropping steadily. The average for 2020 is 51, which is a 4 day decrease from July 2020 and a 12 day decrease from August 2019.
Want to Know Your Home’s Value?
With prices rising quickly, your home’s value is likely going up as well! Find out how much your home is worth by requesting a free home value report from a Homie pro. Click here to get your free report!
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