Here’s what the latest numbers say about our market.
I’ve been in business for 22 years and have seen just about every market you can see. This market, though, is absolutely crazy. Here are the latest MLS stats from the Greater Phoenix area as of the end of December:
- There are 6,055 active listings, which is a 50% decrease compared to the 12,141 active listings we saw last year and an 18% decrease compared to the 7,388 we saw last November.
- There are 9,868 listings under contract, which is a 30.9% increase compared to the 7,539 we saw last year and a 21% decrease compared to the 12,440 we saw last November.
“Buyers cannot be blamed for this lack of supply.”
- There were 9,989 total monthly sales, which was a 28% increase compared to the 7,788 we had last year and a 9% increase compared to the 9,175 we saw last November.
- The average sales price per square foot is $211.62, which is a 17.5% increase compared to the $179.97 mark we saw last year.
These are exciting numbers for sellers, but don’t let them stop you from purchasing. Interest rates are ridiculously low and continuing to drive our market. Buyers cannot be blamed for this lack of supply; we have less than half the number of active listings without a contract that we had a year ago. This time last year, we described the lack of supply as shocking, so I’m not even sure what to call the current situation.
We actually saw more new listings arrive during January 2020, so we’ll have to see what happens this January. An increase in new listings will certainly help buyers. Whatever happens, we’ll also have to see how it drives our spring market, which is usually a very busy time of year.
If you’d like to discuss what these numbers mean for your buying or selling plans or have any questions about our Greater Phoenix market, don’t hesitate to call or email me anytime. I’d love to hear from you.
Source: The Cromford Report, Daily Real Estate Market Insight