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How Will Our Phoenix Market Close Out 2020?

Now is still a great time to both buy and sell in our real estate market.

2020 has been a wild year, to say the least, and it’s time for one last market snapshot before it ends. Before I get into the latest numbers, I want to thank all our clients, friends, and family for supporting the Kelly Cook Real Estate Group. Right now, there are about 10,000 active properties for sale in the Phoenix Metro area, and inventory stands at 1.4 months of supply. In other words, if no other homes came on the market, it would take 1.4 months to sell off all available listings. The good news is that roughly 7,300 homes came on the market during November. The bad news is that 8,200 homes came off the market, which means supply and demand continue to be pinched. The average days on market, meanwhile, is 38 days.
“With interest rates and supply this low, I predict a robust Arizona housing market in 2021.”
If you’re a seller, it’s a no-brainer that now is the time to sell. In the week leading up to the recording of this video, we sold four homes—each of which attracted multiple offers and sold for over asking price. Conditions may yet improve for sellers, but waiting to sell would mean trying to time the market. If you’re a buyer, you may remember that last month we talked about the three main reasons why now is still a good time to buy. To reiterate, interest rates are low, which means your buying power is high. With interest rates and supply this low, I predict a robust Arizona housing market in 2021. If you have any questions or are ready to buy or sell a home, don’t hesitate to reach out to me. I’d love to help you. Merry Christmas, happy Hanukkah, and happy holidays. We’ll see you in 2021!