Phoenix’s Real Estate Market Update for September 2020

Are you curious about the real estate market in Phoenix? There has never been a better time to explore the matter in greater detail. Despite recent economic setbacks due to a number of causes, the Phoenix real estate market is looking pretty dang healthy. In fact, it’s growing in strength in many ways that are well worth checking up on.

Phoenix Real Estate Market Overview:

• Number of Homes Sold in September: 9,657  (20.4% increase year over year)
• Average Days on Market: 45 (-21.05% YOY)
• Number of Active Listings: 11,865 (-23.7% YOY)
• Number of new listings in September: 10,986 (18.5% increase YOY)
• Average Sales Price: $410,867 (22.47% increase YOY)
• Number of Homes Under Contract: 7,131 (-6.8% YOY)
• Sales-to-List Price Ratio: 99.0% 

Is Phoenix’s real estate market the hottest in the country right now?

The real estate market in Phoenix continues to lead the nation in a number of key areas. These include the pace of development as well as the total amount of net profit. For these reasons, the area is well worth getting to know. It could mean an investment opportunity that could set up a lifetime of wealth for you and yours.

The city of Phoenix remains on pace to match an invincible pace for year-over-year gains in a number of crucial categories. These include home price growth on the National Home Price NSA Index. These are gains that equal out to steady home value growth. They also make the area one of the most valuable in the entire nation.

The national price increase for Phoenix real estate was 4.8 percent as of this past July. It should be immediately noted that this figure represents an aggregate increase of 4.3 percent from the previous month. This means the real estate market in the area doubled the annual rate of growth with a 9.2 percent year-over-year price increase.

As a handy comparison, I may mention that the city of Seattle followed closely behind at a rate of 7 percent. Meanwhile, Charlotte, North Carolina, came in third at a very respectable 6 percent. But when it comes to real estate action in the West of the country, it should now be very clear that Phoenix is the place to get the best of it.

Phoenix Real Estate Market Continues to Outpace the National Index

One of the very hottest trends in national real estate to take notice of is happening right now in Phoenix. As I write this, the market for real estate in the city is still outpacing the national index. And this is not a new phenomenon that is popping up in a bubble. This is the 13th consecutive month that this trend has been in existence.

A recently released RE/MAX housing report has revealed that the median price for a home in the metro area of Phoenix was $325,000 in August. The astute reader should be able to note that this figure represents a major increase from the one that was posted by the service in August of 2019.

In fact, the total extent of the increase is a staggering 16.1 percent. The former median sales price for a home in Phoenix was $280,000 in August 2019. This represents an extra $45,000 in the bank account of the average home owner in the city. It’s a total that is more than enough to lure in investors looking for a new place to score.

Phoenix may be the strongest real estate market in the nation?

Part of the reason why the market is so strong at the moment is because of the severe shortage of homes for sale that are actually available. So many home owners are hanging on to their properties in order to drive up their value even further. As a result, new properties are usually available a month’s supply at a time.

You can see how, at the current pace of the market, the demand for new homes is driven way up. This is not a con but a major pro. At the rate of sale that is prevalent at the moment, all of the available properties will be sold off in a month. This will drive the demand for new homes up still further. You can be in a position to profit.

These trends are unfolding at a time when the real estate business in other areas of the country is in serious flux. However, the Phoenix area is trending upward with no end in sight. Now is the time to learn more.

Are you ready to invest in the Phoenix real estate market or get the equity out of your current home?

The time to do so is now. Whether you’re looking to find the property fit for you or sell the home you’re currently in, I can help you do countless things in real estate. Being in the Phoenix real estate industry for many years, I’ve developed a ton of area knowledge to ensure that each of my clients is in good hands.

Contact me today at 602-330-6813 or email me at brian@brianeastwood.com. Get in touch to learn more about what I can do to help you. This is your chance to find the property you’ve been looking for. It’s your key to get in on an opportunity that could better your quality of life for many more years to come.