September 2020 Phoenix Real Estate Statistics

September 2020 Phoenix Real Estate Statistics

September 2020 Phoenix Real Estate Statistics from the ARMLS, by Tom Ruff

The year that feels like it will never end has now passed the three quarters pole. With the September numbers now in the books, another set of monthly records are broken: the highest median sales price ever reported, the highest average sales price ever reported and the highest sales volume for any September in ARMLS history.

And with the high number of properties currently under contract, there will be no October surprises. Our market is not only primed for the best October in ARMLS history, but also a strong finish to the fourth quarter. The deficit in year-over-year sales in April and May impacted the numbers, but the anomaly will most likely be fully erased in October. And when our final sales figures for the year are reported on January 1, the 2020 real estate market will have surpassed everyone’s expectations. Year-over-year gains in sales volume seemed an impossibility in May and a slight possibility in July.

As we now enter October, year-over-year gains in sales volume are now probable. Historically, pending contracts reach their annual peak in late April, a pattern that has repeated itself year after year. This year however, that historical pattern was interrupted. Our high-water mark for pending contracts this year occurred during the last week of September, insuring a strong finish to 2020.

With home inventory low and prices high, the ARMLS Phoenix Metro market needs an influx of homes to rent. If you have a home to rent, or are interested in renting your home, call us today at (602) 753-0333

Here are some of the numbers in the ARMLS region for September. You can read more by clicking here: https://armls.com/docs/2020-September-STATwith-commentary.pdf

To read our other market reports, click here.

Total Monthly Sales: 9,305

Sales are down 4.8% from last month, and up 18.5% from last year.

September 2020 Phoenix Real Estate Statistics-Monthly Sales
September 2020 Phoenix Real Estate Statistics-Monthly Sales

Total Inventory: 13,792

Total inventory increased 2.1% from last month, and decreased 22.5% from last year.

September 2020 Phoenix Real Estate Statistics-Total Inventory
September 2020 Phoenix Real Estate Statistics-Total Inventory

Average Sales Price: $410,900
Median Sales Price: $329,000

The average sales price is up 23.1% from last year, while the median sales price is  up 17.5% from last year.

September 2020 Phoenix Real Estate Statistics-Sales Price
September 2020 Phoenix Real Estate Statistics-Sales Price

Average Days on Market: 51

Days on market are down 12 days from last year, and down 4 days from last month.

September 2020 Phoenix Real Estate Statistics-Average Days on Market
September 2020 Phoenix Real Estate Statistics-Average Days on Market

Summary

September 2020 Phoenix Real Estate Statistics from the ARMLS, by Tom Ruff

The year that feels like it will never end has now passed the three quarters pole. With the September numbers now in the books, another set of monthly records are broken: the highest median sales price ever reported, the highest average sales price ever reported and the highest sales volume for any September in ARMLS history.

And with the high number of properties currently under contract, there will be no October surprises. Our market is not only primed for the best October in ARMLS history, but also a strong finish to the fourth quarter. The deficit in year-over-year sales in April and May impacted the numbers, but the anomaly will most likely be fully erased in October. And when our final sales figures for the year are reported on January 1, the 2020 real estate market will have surpassed everyone’s expectations. Year-over-year gains in sales volume seemed an impossibility in May and a slight possibility in July.

As we now enter October, year-over-year gains in sales volume are now probable. Historically, pending contracts reach their annual peak in late April, a pattern that has repeated itself year after year. This year however, that historical pattern was interrupted. Our high-water mark for pending contracts this year occurred during the last week of September, insuring a strong finish to 2020.

What do the September 2020 Phoenix real estate statistics mean? It’s a great time to have a Phoenix investment home, and a great time to rent a home in Phoenix! Check out our available rentals at: http://allcountyprestige.com/available-rentals.

Call us today at: (602) 753-0333 for more information about renting out your home in Phoenix.

All County® is here for you!

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>