Phoenix Real Estate Market Update For October 2019

Dated: 11/19/2019

Views: 1896

Hey everyone, I'm Michael Wynne with My Home Group. As you can see behind me, my background for this video is a little different than what you're used to. I'm in New River for the day and thought it would be fun to shoot the video while I'm out here relaxing. Today I'm going to be sharing October's real estate market numbers. As always, these numbers cover the greater Phoenix metro area. If you want a specific ZIP Code I can certainly do that for you, just feel free to reach out to me. And here we go....

So most people think real estate slows down during the holidays at the end of the year in the fourth quarter however what really happens agents like to take the time off and do less work. As you can see this is not true because October was a great month bringing 900 more active listings than September. The active listings are sitting at 14,630. 

As for average days on the market looks like we moved up one tick from 57 days to 58 days. As for new inventory we have 9863 which is about approximately 700 more active listings in September.

The number of closings is approximately the same sitting at 7,997 which is only five more than the previous month.It does look like the average sales price has gone up about 10 grand we're looking at 346,911.

Phoenix Real Estate Market Update

With more active listings and new inventory hitting the market in October, the supply of inventory has gone up to 1.83 months.As for listing success rate looks like that has improved 80.3%. That just means that the houses on the market are selling 80% of the time before expiring or canceling. 

The good news is less homes are being canceled or expired in October. We had 1,720 in September but now we show 1,577. 

The sold the list price ratio has stayed the same at 98.1% that just means 90% of time people are getting the price it's listed at.

Those are your October real estate market update numbers. I know the numbers can be overwhelming so if you have specific questions or need further information please feel free to reach out to me as always. Until next time, take care.

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Michael Wynne

I am a licensed REALTORĀ® in Phoenix, Arizona. I specialize in working with First Time Home Buyers, Home Sellers and Expired Listings. ....

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