By Dennis Carr
The following is the Phoenix Real Estate Report for January 2020. This report is based on data gathered from the Arizona Regional Multiple Listing Service.
Looking back on January, there were a total of (1,424) homes sold equating to a +15.9% increase compared to January of 2019 (1,229). Pending monthly sales increased 1.3% to 1,665 from 1,663 in January of 2019.
Highlighting the lack of supply in the market, the January 2020 Active Listing count was 2,625 compared to 4,335 in January of 2019, an incredible 39.4% decrease in active listings.
The year over year monthly average sales price increased 7.48% in January 2020 to $327,409 versus $305,898 in January 2019, and the median sales price increased 6% to $265,000 from $250,000.
In the Phoenix, Arizona market, a substantial increase in sales coupled with a marked decrease in active properties are making it difficult for buyers trying to find “good buys” without heavy competition from other buyers. Property owners contemplating selling within 1-2 years are in an extremely favorable position to act now while the market is tilted in their favor. Market changes often happen quickly, so the window of opportunity can disappear before you know it.
Click here to request Future Arizona Real Estate Reports along with market updates for Scottsdale, Phoenix, and Paradise Valley, AZ. Click here to view the Paradise Valley January 2020 report. Click here to view the Scottsdale January 2020 report.
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