Today I’m recapping what happened in our August real estate market:

• The number of new listings was 10,759 compared to 9,823 in August 2019—A 9.5% increase.

• The number of active listings was 12,257 compared to 15,548 in August 2019. This means there were 21% fewer homes available for sale. 

• The number of sold listings was 9,209 compared to 8,916 in August 2019—A 3.2% increase. 

• The months’ supply of inventory was 1.33 compared to 1.74 in August 2019—A 24% decrease.

So we’ve seen an increase in new houses coming on the market, but active inventory is still very low. Low interest rates are causing many buyers to come to the market. Tons of renters are finding that they can buy a property and have the same (or a smaller) mortgage payment than they did while renting. People are also trading up to larger, more expensive homes because it’s more affordable to do so. 

Additionally, a huge number of people are moving to Arizona from states like California, Oregon, Washington, Illinois, and New York. They’re either relocating permanently or buying vacation properties, so we have a massive demand for housing, but not enough inventory. This means it’s a great time to sell your home—someone will be very interested. 

If you have any questions about the market or you’re looking to buy for the first time, give me a call at (602) 738-994 or send an email. I would love to speak with you.