Phoenix Housing Market Update: End of Year 2019

by dustimartin-chime-me

The Phoenix Housing Market finished 2019 with a BANG! Here I take a deep dive and break down the number for the City of Phoenix’s real estate market and bring you the housing market trends both overall and by price point. If you are looking to buy or sell a home in Phoenix now or in the future, these are numbers you need to know. If you are new here, hit the Subscribe button over there on Youtube to make sure you get all of my monthly real estate market updates for Phoenix, Scottsdale, Cave Creek, and Carefree.

If you have questions or would like to know more about what is happening in your neighborhood, head over to www.DustiMartinRealtor.com to contact me.

To read more blogs and learn more about the housing and real estate market click HERE.

Video Transcript – English (auto-generated):

00:02 [Music]

00:07 It is January 2nd, 2020 and this is your monthly

00:09 market update for the City of Phoenix.

00:11 I’m Dusti Martin with Platinum Living Realty.

00:13 Let’s just jump right into it our active

00:15 listings in Phoenix are down 39.8%

00:19 over this time last year and our sold

00:22 listings are out thirteen point nine

00:24 percent so that’s good news for sellers

00:25 and for buyers that just means our gonna

00:28 have to be a little more on the ball

00:29 when a ghost comes to going to see and

00:32 making offers on those homes that you

00:33 are interested in early bird gets the

00:36 worm our median sale price per square

00:38 foot is up seven point seven percent

00:40 over this time last year at one hundred

00:42 and seventy two dollars and eleven cents

00:44 our months of supply is actually down

00:47 forty seven point two percent over this

00:50 time last year which is a huge jump and

00:53 we are currently sitting at only one

00:55 point three four months supply for the

00:57 entire City of Phoenix and that is a

01:00 white-hot seller’s market so like I said

01:02 if you’re a buyer don’t waste any time

01:04 getting out to see those homes and most

01:07 definitely don’t fiddle around coming in

01:10 with lowball offers because chances are

01:12 you’re going to be in a multiple offer

01:13 situation unless the home is overpriced

01:16 and then our median days on market is

01:19 currently 39 days in an average stable

01:23 even market it would be ninety and our

01:25 median days on market is actually down

01:27 fifteen point two percent over this time

01:29 last year so with all that said let’s

01:32 get into the numbers as they relate to

01:34 price range so like I said overall for

01:38 all price ranges combined we’re at only

01:40 one point three four months of supply

01:42 but in the zero to a hundred thousand

01:45 dollar price range you’re thinking

01:46 condos townhomes that kind of thing

01:48 we’re at one point three one months of

01:50 supplied again white hot in there one

01:53 hundred to two hundred one hundred

01:55 thousand dollar price range we’re at 0.9

01:58 four months of supply so less than one

02:01 and again screamin white hot do not fall

02:05 around if you are out shopping for the

02:08 200,000 to 300,000 dollar price range

02:11 we’re at 0.87

02:13 so even less than that so you know only

02:17 eight

02:18 simple month if you think about it that

02:20 way

02:21 months supply again still white-hot the

02:24 300 to 500 thousand dollar price Ranger

02:26 at one point three six months supply

02:28 again still white-hot as we move into

02:32 the 500,000 to $700,000 price range

02:35 we’re at two point one eight month

02:37 supply so that’s still a seller’s market

02:39 it’s still pretty strong but it’s not as

02:41 crazy and as insane as the lower price

02:44 points as we get to the the 700 thousand

02:50 to a million we’re at the three point

02:52 one month supply mark so we’re trending

02:55 towards an evil even stable market but

02:58 still slightly a seller’s market and

03:00 then once we get to the 1 million to 3

03:03 million dollar price range we’re at a 7

03:05 month supply so that’s no longer a

03:08 seller’s market that is an even stable

03:10 market anything 8 months or more is

03:12 considered a buyers market so you’re

03:15 close to being a buyers market but not

03:18 as much you’re not quite there um this

03:22 time last year we’re at a six point

03:25 seven months supply for that price range

03:27 last year so our supplies actually

03:31 increases probably because home values

03:33 have gone up and more people can now

03:36 afford to get out from under those

03:37 higher end homes and so there’s more of

03:39 them to choose from and then once we get

03:43 to the three million dollar price range

03:46 we’re at a twenty nine month supply

03:47 which is about the same as Scottsdale

03:51 the unfortunate thing is is we don’t

03:53 have data for Phoenix for over the three

03:56 million dollar mark from last year and

03:58 that’s because there simply weren’t

04:00 enough of them on the market to even

04:03 calculate a supply and demand because

04:05 there was only 19 of them this time last

04:07 year this year there’s 29 and more

04:09 buyers and there’s actually some sales

04:12 to record and to calculate a number this

04:15 time last year we had some on the market

04:17 but they weren’t really selling so there

04:19 are not enough of them were selling so

04:22 there was really no way to gauge how

04:25 that went down last year so that’s the

04:28 unfortunate thing is we don’t really

04:30 have an

04:31 reliable data for that price range but

04:33 like I said for the vast majority of

04:35 Phoenix you are still in a white-hot

04:37 seller’s market especially if you are

04:39 under the million dollar mark so like I

04:42 said it’s a great time if you’re

04:44 thinking of selling and want to know

04:45 what your my home might go for with

04:48 today’s buyers in today’s market and

04:50 would like me to calculate through their

04:51 zip code or more specifically your exact

04:55 neighborhood, let me know. My number is

05:02 (480)717-9405. Otherwise,

05:05 have a happy, healthy, and prosperous new

05:07 year and I look forward to seeing you.

05:17 [Music]

GET MORE INFORMATION

Dusti Martin

Agent | BRSA651351000

+1(480) 717-9405