By Holly Henbest

The real estate market continues to provide a steady stream of positive news. Just when we think the news can’t get any better…it does!

The real estate results in July were simply fantastic. While the price range under $500,000 has been consistently strong, July turned out to be the biggest month ever for sales over $500,000 and June was the second strongest month ever for this price range. July saw an increase of 30% over June and 66% increase over July of 2019. The total number of closed transactions in July was 11,205. That is up 4.7% from July of 2019 and the highest monthly total since May of 2018. This includes new construction, which was up 22.9% from July of 2019.

There are many factors contributing to our solid real estate market in Arizona. Due to COVID-19 we’re seeing that many people are now working from home, kids are schooling at home, and the need for a larger home or home with different room configurations is needed. We’re also seeing people relocate to Arizona and we remain the top destination for relocation in the U.S. Pent up demand is also contributing, normally spring is our busiest season, but many buyers and sellers put things on hold due to COVID-19 and are now anxious to put their plans back in place.

While all of these scenarios are contributing factors to our buyer surge, one of the biggest factors is interest rates. With interest rates at record lows, buyers can now afford a bigger or better home than they could six months ago. The average home buyer can purchase a home for $32,000 more than they could have last year and the monthly mortgage payment would be the same. For example, check out what your mortgage payment looks like now vs. the previous five decades on a $300,000 purchase:
While we have strong buyer demand, we also have a shortage of supply.

So, if you are considering selling your home, now is a great time to proceed and get your home listed for sale. We’ve been selling homes quickly for record-breaking prices.

Holly has been a Desert Ridge resident since 2000 and has been a realtor since 2006. She is the leader of The Henbest Team with Realty One Group. Holly is ranked in the top ½ of 1 percent of Realtors in Arizona and is a Certified Luxury Marketing Expert. She was also ranked #24 in 2019 by the Phoenix Business Journal and recognized by So Scottsdale! Magazine as a Real Estate Superstar for 2019.