If you’ve kept an eye on the housing market in Arizona for the past year, you know it’s been trending hotter and hotter. October stuck with that trend. Homes are selling quickly and for higher prices. Check out the stats below.
Monthly Sales
According to data from the ARMLS® from October 1, 2020 to October 31, 2020, monthly sales in the Phoenix metro area rose +4.1% from where they were in September of this year. At 9,690, total monthly sales are a full +23.5% higher than sales during the same time period in 2019.
List Price
At $457.7K, October saw a +6.9% year-over-year increase in average list price. Median prices also rose. With a +12.3% increase from October 2019, the median list price in October was $337K.
Sale Price
Average sale prices increased by +23.2% in October 2020 compared to October 2019, landing at $425.3K. With a slightly smaller jump, median sale prices still rose significantly with +16.7% year-over-year increase. The October median sale price was $332.5K. November is forecasted to have a slight decrease in average sale prices, which would break the trend of steadily rising prices. Check back next month to check if the forecasts were correct.
Days on Market (DOM)
The Average Cumulative Days on Market dropped by three days between September and October of this year, ending at 43. That’s a 16-day decrease from October 2019.
<img src="https://www.homie.com/blog/wp-content/uploads/3-1.png" alt="Data retrieved from ARMLS®.” width=”1060″ height=”510″ class=”aligncenter size-full wp-image-32344″ />
Want to Know Your Home’s Value?
With homes selling quickly in the Phoenix metro area, if you’re looking to sell, we can help you find out how much your home is worth. Click here to request your free home value report from a Homie pro!
A Message From Sales and Operations Manager, Wayne Graham
The Arizona Regional MLS (ARMLS®) has already declared 2020 to be our best year ever. Now is the time to reach out to Homie and let our expert agents help you sell your home.
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