Phoenix 2019 Annual Housing Market Report

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Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000
https://activerain.com/droplet/5lTM

The Phoenix 2019 Annual Housing Market Report reflects very low inventory, 

 

As you can see from this report, inventory has dropped 38%.  That's a remarkable drop in inventory.  Inventory levels haven't been this low since August 2005, according to the Cromford Report from which these reports are derived.

Buyers are lined up to buy homes in the Phoenix Metro Area putting upward pressure on prices.  This report reflects all listings in Maricopa County, the 5th largest county in the US with a population of 4.4 million residents.  

 

Phoenix 2019 Annual Housing Market Report

This next graph reflects how long it would take to sell the current inventory of residential properties, 1.3 months.  That's a fast moving market.  The last time this type of market existed was in August 2012.  The seasonal inventory ups and downs are not what most people expect, so read on for more explanations. 

Phoenix 2019 Months Supply of Inventory

The Under Contract price per square foot for lisings has risen dramatically the lst Quarter of 2019.  This is in all price ranges so if you are looking for something more specific, please contact me.  Clearly the market has continued to improve since the recession felt in Phoenix during 2011. 

 

2019 Under Contract Price per Sq FT

It's evident that the foreclosure market is a very small percentage of the total sales in the Phoenix Metro Area.  In fact, less than 3% of our sales are distressed sales.  Market recovery is evident when you compare 2011.  Sales have just now reached the same totals as 2011, but not as many sales as in 2005. 

 

Phoenix 2019 Sales per Year 

 Cash sales continue to be just over 20% of our total sales volume.  As prices have risen, investors have slowed a bit.  But we are still seeing homes that are purchsed for remodel and a quick sale in prices under $350,000.  

 

Phoenix 2019 Homes Purchased with Cash

 

Overall the market is in single digit appreciate and it's still a good time to purchase real estate with interest rates remaining at historic lows.  And it's also a great time to sell with eager buyers waiting in the wings thanks to lower than normal inventory levels. 

If you or someone you know are looking to purchase or sell real estate in the Phoenix Metro Area, please don't hesitate to call! 

 

 

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Rainmaker
3,472,016
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Jan - not just numbers/statistics but explanations behind them as well.  Real world analysis for Phoenix residential real estate.  Nicely assembled and well-presented.  

Jan 10, 2020 12:25 PM #1
Rainmaker
988,312
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Michael Jacobs !  The less written, the better the read on these things!  Have a great rest of your day!

Jan 10, 2020 12:31 PM #2
Rainmaker
4,202,435
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jan, that is very low inventory, and hope homeowners give you a call to put more homes on the market.

Jan 10, 2020 12:55 PM #3
Rainmaker
988,312
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

That would be a good thing Joan Cox !  Every morning i'm looking at the new listings for several buyers - UGH!  Thank you for commenting!

Jan 10, 2020 02:42 PM #6
Rainmaker
2,026,007
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Jan Green - it seems to be the same story everywhere. Seller should contact you now 

Jan 10, 2020 03:07 PM #7
Rainmaker
2,630,042
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

This is valuable real estate information for home buyers and sellers in Phoenix, Jan.

Jan 10, 2020 07:00 PM #10
Rainmaker
988,312
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Grant Schneider !  Yes, same story all over the US.  It's an interesting time in housing!

 

Jan 15, 2020 09:48 AM #11
Rainmaker
988,312
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Myrl Jeffcoat !  Hope you're doing well!

Jan 15, 2020 09:48 AM #12
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Rainmaker
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Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
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