Phoenix Real Estate Market Update - Dec. 2019

by dustimartin-chime-me

Dusti Martin explains the current real estate market trends in the Phoenix real estate market for December 2019. Knowing the current real estate market trends is an important part of making sure your investment is protected whether you are looking to buy a home or sell your home. If you are wondering what your home might sell for in today’s real estate market in the Phoenix area, click here to get a free home valuation. If you would like to get regular updates on the real estate market in Phoenix, Scottsdale, or the surrounding areas subscribe to our YouTube Channel here.

Video Transcript (English, Auto-generated):

00:01 Hey everybody, it is Dusti Martin with

00:07 Platinum Living Realty dropping in to

00:09 give you your Phoenix monthly market

00:13 report let’s just jump right into it

00:14 let’s get straight to the numbers our

00:16 active listings are down thirty three

00:17 point four percent they are up our sales

00:21 are up seven point eight percent again

00:24 another seller’s market here in the

00:26 valley but this one’s a little bit

00:27 stronger than Scottsdale and and here’s

00:29 we died down I’m going to show you why

00:31 and how so our median sale price per

00:35 square foot right now is actually up

00:37 seven percent over last year and we’re

00:39 at 170 dollars and 19 cents per square

00:42 foot that’s average if you want me to

00:44 calculate for your neighborhood just

00:46 give me a call I’ll be happy like happy

00:48 happy to do that for you but our month

00:52 supply for the City of Phoenix which is

00:54 far larger but it’s still one point six

00:58 nine months that is a white-hot seller’s

01:01 market for the City of Phoenix so if you

01:04 have any thoughts of selling now is a

01:08 great time to do so because you’re gonna

01:10 be able to pick and choose from the

01:13 buyers you want depending on your price

01:15 point and then our average days on

01:17 market is only thirty seven days in an

01:20 even stable market its ninety so at

01:23 ninety four an average home in Maricopa

01:26 County ninety days on market if we’re at

01:28 thirty seven it’s like two thirds faster

01:33 than whatever it is that you would

01:37 normally be competing with so normally

01:40 when people put their home on the market

01:42 it would take up to 90 days to find a

01:44 buyer and another 30 days to close so

01:47 you’re looking at three four months

01:49 before you can even find a buyer and

01:51 close on your home and move on to the

01:53 next one in our market right now what

01:57 this is saying is we’re under two months

01:59 supply we’re at one point six nine what

02:01 we’re saying is that in a month month

02:04 and a half four to six weeks we should

02:06 have the right buyer and you should be

02:08 moved inside at two months it’s that

02:11 fast less than two months from listing

02:13 to close date you should be looking at

02:16 no more than

02:17 about 4-6 weeks so things are happening

02:21 super super super fast so that’s really

02:23 great for most buyers or most sellers

02:27 buyers are getting squeezed a little bit

02:29 more in Phoenix than they are in

02:31 Scottsdale but I’ll show you those

02:33 numbers here and then our meeting days

02:35 on market is down

02:36 like I said eleven point nine percent

02:37 over last year and our blood supply is

02:39 down almost forty percent so let’s break

02:43 it down by price point okay so if you

02:45 have a home that fits into one of these

02:47 price points these are the numbers you

02:49 want to listen to a little more

02:50 carefully for all of Phoenix

02:53 like I said we’re at one point six nine

02:55 months of supply remember four months or

02:58 less is a buyers market four to seven is

03:02 a even stable market and then eight

03:06 months or more is gonna be a buyers

03:08 market okay so for anything under

03:12 $100,000 you know you’re probably

03:13 thinking little condos townhomes

03:17 apartment style type flats little ones

03:19 in less desirable areas you’re probably

03:22 looking at about a month one point one

03:26 nine months of supply and then when we

03:30 move to the 100 to 200 range here at a

03:33 one month supply that is a white-hot

03:35 seller’s market okay the 200 to 300

03:39 you’re still at one point one six so now

03:42 we’re already up to three hundred

03:43 thousand dollars and you’re still in

03:45 like the one month supply range which is

03:48 like lightning fast meaning if it’s

03:50 priced appropriately and it’s a

03:51 desirable home it will go like that

03:54 first day or at least it should if it’s

03:57 marketed properly and if you want to

03:58 know what market it properly means give

04:00 me a call then we get to the 300 to 500

04:04 range in here at one point nine months

04:06 supply so still under two still a super

04:09 strong seller’s market in Phoenix and

04:11 then the 500 to 700 range get this

04:15 you’re at five point seven so it’s

04:17 either you’re no longer in a seller’s

04:19 market and that’s actually the same

04:20 number from Scottsdale for the month of

04:22 December 2019 so it’s actually pretty

04:25 even the thing that I found interesting

04:27 is that our

04:30 um demand for our 1 million to 3 million

04:33 dollar homes in the City of Phoenix is

04:35 actually a little higher our must supply

04:38 is six point five seven months of supply

04:41 in the City of Phoenix for the one two

04:43 three million dollar home range so

04:46 you’re creeping towards the buyers

04:48 market there but you’re not there yet

04:50 it’s actually even um so you might get

04:54 this price if it’s priced appropriately

04:56 but your buyers are probably gonna ask

04:59 for a little bit more when it comes to

05:01 your inspections and concessions and

05:06 that kind of thing maybe pay for

05:08 homework to you that kind of stuff

05:09 something to kind of sweeten the pot and

05:11 then when you get to the three million

05:14 dollar mark you’re just twenty five

05:15 months supply so you are in a strong

05:18 strong strong buyers market when you’re

05:21 over three million dollars and that’s

05:23 kind of gonna be the gist of it any

05:25 given time you’re reaching that high of

05:29 a price point it pretty much anywhere in

05:31 the U.S. you’re just gonna have less

05:33 buyers to choose from because there’s

05:35 let’s face it less millionaires then

05:37 there are the rest of us so but so for

05:41 example I mean last year the three

05:44 million dollar homes or more in Phoenix

05:47 was actually kind of comparable it was

05:48 at 23 so there’s actually a little less

05:51 demand for the three million dollar

05:53 homes but like I said there’s a much

05:54 higher demand in Scottsdale right now so

05:57 maybe that’s where the ultra-rich are

05:59 putting their money so I mean Scottsdale

06:02 agent and i’ve lived and worked in the

06:04 North Valley I’m actually about a block

06:06 away from Phoenix right now in Cave

06:07 Creek I live in a weird little

06:09 neighborhood where they all kind of

06:10 converge and I’m super happy to help any

06:13 of you if you know anyone who’s thinking

06:16 of buying or selling now might be the

06:18 time and if you guys have any questions

06:20 just reach out if you want to know

06:22 what’s going on in your neighborhood my

06:23 number is 480-717-9405.

06:25 Otherwise have a very

06:28 Merry Christmas and a very prosperous

06:29 new year.

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Dusti Martin

Agent | BRSA651351000

+1(480) 717-9405