How Did The Greater Phoenix Area Real Estate Market Fared In July 2020?

The period of low inventory continues for another month. Supply is getting lower and lower with 7,435 active listings for July 2020 whereas June 2020 had 7,642 homes up on the market. Listings spend a day less on the market on average compared to the prior month with July posting 52 days against June's 53 days. And while June expected its inventory at that time to last below a month at 0.80, July's supply would fare less at 0.75 months.

Take into consideration the same time last year when July 2019 posted 13,823 active listings, 62 average days spent by a listing on the market and 1.49 months of supply and anyone's curiousity would get piqued with how this would all play out in the coming months.

So does this mean no new homes are coming to the market? On the contrary, July 2020's 9,706 new listings is way above what the previous month posted at 8,323 and still over a thousand homes more than July 2019's figures at 8,610.

Sales for July 2020 at 9,917 homes closed is the highest amongst June 2020 and July 2019 which had 9,249 and 9,290 properties sold respectively. But when you consider the difference between new homes coming in and getting closed, you'll notice that sales actually slowed for the month of July in 2020 by a little over 200 homes. July 2019 had it better with nearly 700 homes sold over what came in at that time but June 2020 had the strongest performance with a difference of almost a thousand homes closed more than what was listed then.

The average sales price for July 2020 in addition to the decreasing supply seem reason enough to explain the disparity, the highest between the three months we're looking at with $395,542; homes sold in June closed at an average price of $370, 971 while July 2019 had $342,814.

July 2020 at 98.6% sold to list price ratio might falter a bit behind June's 98.7% but it definitely held its own better when looking at the same time last year which was at 98.2%. But where it truly shines is its superior listing success rate at 88.0%; the month prior had 85.6% while last year's can only hope it had the same luck then when it managed to land 81.4%.

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How Did The Greater Phoenix Area Real Estate Market Fared In July 2020?