By Holly Henbest
Not only is our weather heating up, but also the real estate market is on fire. What is to blame for this? Simple: low inventory and high demand. The numbers tell the story.
Here is the data for July 1, 2020 vs. July 1, 2019:
• Active Listings: 8,788 versus 15,422 last year – down 43.2%
• Under Contract Listings: 13,424 versus 11,230 last year – up 19.5%
• Monthly Sales: 9,702 versus 9,476 last year – up 2.4%
• Monthly Average Sales Price per Square Foot: $182.71 versus $172.17 last year – up 5.8%
• Monthly Median Sales Price: $305,000 versus $279,000 last year – up 9.3%
Here is the data from July 1, 2020 vs. June 1, 2020
• Active Listings: Down 26.5% from 11,917 in June
• Under Contract Listings: Up 7.6% from 12,478 in June
• Monthly Sales: Up 37.8% from 7,040 in June
• Monthly Average Sales Price per Square Foot: Up 1.6% from $179.82 in June
• Monthly Median Sales Price: Up 4.1% from $293,000 in June
Arizona is attracting buyers relocating from all over the country, but we’re especially noticing an influx from California and Colorado. We’re also seeing a spike in demand of local buyers. Due to COVID-19, we’re seeing many buyers seek out homes that better fit their stay-at-home lifestyle. People want more home office space, play rooms, homework stations, and pools. Homes, now more than ever, need to suit potential buyers’ live, work and play needs.
If you’re looking to sell, this is an ideal time to move because buyers are on the hunt. If you’re looking to buy, then be sure to partner with a realtor that is prepared to work hard and compete to not only find you a home, but also present a winning offer.
My team would be honored to help you. Give us a call at 480-266-8785 or e-mail [email protected]
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.