The burning question on everyones minds over the past few weeks has been; Is demand finally cooling off? The simple answer: NO. Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 5,089 Homes for Sale
29,283 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 15.64 Days
The Average Days on Market is 31
The List to Sales Price Ratio is 101%
The Average Home Value is $489,633
The Value 1 Year ago was $368,528
1 Year Increase in Value is 24.73%
Let’s go a little deeper…
Is demand cooling off? As I said no not really. Yes the number of homes for sale has held steady fo 3 straight weeks a little above 5,000 however pending sales are still strong and we had over 29,000 homes close escrow in the past 90 days. Compared to last year the number of closed properties is up 23% from this time last year.
What trends are we seeing?
The Luxury Market Segment of $2M and up is on fire. The number of homes sold in that segment is up 73% from last year. In the past 90 days 506 properties in the $2M+ segment have sold. In 2018 it took an entire year to sell 442 properties and in all of 2019 there were 564 sales over $2M+. Year to date 730 homes priced $2M and up have closed escrow.
That’s it for this weeks market update. Please be sure to like or follow us. Stay safe out there and if you have any questions about the Phoenix Real Estate Market you know whom to call.