Here are the most up-to-date stats on record for our hot summer market.

Today I'm sharing all the latest statistics in our Phoenix real estate market. 10,336 homes came on the market in July this year, a 17% increase from July 2019 (8,814). However, we only had 12,087 active July listings this year versus 16,616 last year—a 27% decrease in active available homes. 

“Buyers can purchase a home and have a monthly payment that’s lower than the rent they’d pay for the same house.”

10,551 homes sold in July 2020 versus 9,342 in July 2019, while months’ supply of inventory dropped 35% from 1.78 months last year to 1.15 months. In most markets, there’s largely little to no inventory and very strong buyer demand, meaning they're seller’s markets.

That strong buyer demand is being fueled by interest rates hovering near historic lows; in many cases, buyers can purchase a home and have a monthly payment that’s lower than the rent they’d pay for the same house. Additionally, there is a wave of out-of-state buyers pouring into Arizona, and the builders just can’t seem to keep up. Consequently, we’re seeing multiple offers in most markets and bidding wars on properly priced and marketed homes. 

If you’d like to learn more about buying or selling in this unique market, please call me on my cell 602-738-9943 or send an email. Also, be sure to share this video with family and friends. I look forward to hearing from you or anyone else who has real estate needs!